These are some unprecedented times we are living in right now. For a while only essential-workers were working and the majority of us are still stuck in our homes desperate for new ways to keep ourselves entertained. While it is easy to convince yourself to take this time as a chance to relax, catch up on your favourite shows or binge watch a new series; this is actually a great time to be productive. While the majority sits back, you could be getting a head start on your real estate goals.
If you're thinking about a rental property or a home upgrade, now may be a great time to begin your search. With interest rates hitting a huge low point, now is a great time for investors and homeowners alike to take advantage. It may not be a great time for you or your family to up and move however, if you're already a homeowner you may want to think about refinancing. "The best borrowers can now find a 5-year fixed mortgage rate as low as 2.14 percent, the cheapest since 2016." These bottoming rates are a result in the downturn of the economy, banks are realizing that with many people out of work and many businesses not open or limited to their abilities, people simply cannot afford high interest rates.
If you've ever thought about buying an investment property in Kamloops, now is a great time to do so. In previous blog posts we have reiterated the many benefits of owning a rental property and now we can add one more positive with these ultra low mortgage interest rates.
If we are able to take any positives from this pandemic (aside from those great gas prices we saw a few weeks ago) it would be these intriguingly low interest rates. Contact us today to find out how you can capitalize during this crisis.
