Tips on buying a house during COVID-19 pandemic | Marbella Dream Living

Tips on buying a house during COVID-19 pandemic

You may be still interested in buying a house during COVID-19 pandemic but you don’t feel comfortable going outside to do house hunting these days. Don’t worry; there are things you can do to prepare so you are ready to spring into action later whenever you decide you’re completely ready. Here are some tips you need to consider if you are thinking about buying a manufactured home for sale or a luxury villa by the beach right now:

  1. The first step in preparing to buy a new house is to check your credit score because it is what mortgage lenders are looking at to determine if you are creditworthy and they’ll dictate your interest rate. You must protect your credit score and if you’re having trouble with making payments, you should call your lender and make sure to work out a plan.
  2. Before you start looking for homes, get your loan fully pre-approved first. Pre-approval will show how much a lender will be able to loan you, and it will assure the seller that you are financially capable of buying a house.
  3. Know that the process may move slower than normal because the lenders are grappling with the effects of the pandemic. Try to shop at least 3 lenders to find the best rates. Keep in mind that the market is competitive right now and there are fewer buyers and sellers.
  4. Avoid major changes in your finances. For example, don’t buy a new car or expensive furniture and don’t apply for a new credit card too. You should only use your credit card when needed. And remember, late payments can lower your credit rating. And of course, if you don’t pay your credit card bills on time, you’ll definitely have a bad credit score and you will probably not be able to qualify a home loan.

 

  1. Try to check online listings. On some real estate sites, you will be able see what properties are currently available in your area. You will also know what is available in your price range.
  2. Attend virtual meeting with a realtor because it is a great opportunity to meet your realtor, talk about your needs and get the process started. They would narrow down your top picks and they can also provide 3D virtual tours of every house they sell.
  3. Think carefully and make sure that you are emotionally and financially ready to buy a house. Ask yourself if you really need to move right now or it may be better to postpone for now. Figure out how much you can afford to buy a house.
  4. If you already have your own house but you need to move and buy a new house, sell your old house first. You can try to sell your own house first if don’t want to get a loan and you also do not have enough money to buy a new house. Then, move into an apartment until you close on a new property.
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