Buying a house is one of the major decision we will do in life, making it a home is another huge step. Getting a mortgage is a long-term financial commitment, one may think of ways before deciding to agree. The loan term can last 25 years, depending on your money availability it can be shorter or longer. The loan will be based on the property value that you are getting. If all works, you will never know that it’s all paid and completed.
However, as we are now faced with challenging times caused by the pandemic. We are now prioritizing which we will need to have first, is it food on the table, school payments, monthly bills, credit card debts, car loan, or house mortgage. What an endless list, just by reading it will make you tired. Some of the reasons we encounter during this pandemic which costs us to decide what to prioritize. It is mainly because of the following concerns that arise during the pandemic.
Loss of regular working hours;
- offices started to work from home
- food business temporarily closed while others shut down permanently
- manufacturing company are getting scheduled working days
- projects are getting cancelled due to travel restrictions
Lastly and most importantly, when one gets sick either infected with the virus or with pre-existing conditions and we don’t have health insurance. Our savings will be fast emptied, gone in just a matter of days.
Most will decide on giving up the mortgage as it is the biggest amount we need to cover every month. Think about the possibility of continuing your payment, the pros and cons. If you can still make the repayments? If you can maintain the maximum payment? A payment break in the bank? Sadly, even if we decide to have these options it will affect our overall cost of borrowing. Simply means when repayment starts, we will need to pay higher amounts. This is when we need to decide, is it still best to keep the property?
After weighing and considering all the important factors. And you decided to sell your property, we can assist you with the easiest way to process the sale.
At Sell My House Quickly we can guarantee you that you will get a cash offer in hours. Get in touch and know your options, we also offer free legals.