Real Estate Trends: Essentials in a Pandemic

Dear Neighbors,

Next time you are considering the still relatively  low interest rates or tapping home equity, you might be wondering what’s changed now that we’re in June – what’s it like to complete paperwork or how to even know what the best product or service is for you as we prepare to enter into phase 3 in the Vancouver area.

As of June 15, a home-equity loan’s average rate for a five-year term was 5.22%, according to Bankrate.com. A home-equity line of credit’s rate was averaging 4.94%. This makes it a good time to consider renovating the space that we’ve spent so much time living as many of us will continue to shelter in place.

Lending rules vary widely. You and I would want to talk essentially about closing costs, fixed versus variable rates as well as what a monthly payment would look like. It is also a good idea to talk about risks beyond the financial aspect.  If you have someone working on a remodel for you, it’s important to consider what safety measures you will want in place.

While the mortgage industry has been steadily prepared to help people move faster to close loans in a digital age, it will be important to remember that many municipal offices may be slower in completing permit reviews and inspections and the timing of completing a project may take longer than usual. Availability of materials is also causing some delays. Our commitment to you is getting you the assistance you need, communicated in the way that is best for you.

Thank you for your continued loyalty to Peak Mortgage, and I look forward to talking to you soon about what’s important to you.

Stay healthy and safe. Call or email MPattullo@PeakMtg.com

We lend where we live,

Mike