Our most precious asset is under threat, due to Covid-19. People are no longer heading out to go to work, employers are unable to pay salaries and no one really knows when this will all end. It's quite a nerve-wracking time because the financial world doesn’t just come to a halt. We’re still having to pay our rent, mortgage, and utility bills. Governments have stepped up to provide relief in the form of different stimulus packages but, even this may not be enough. We’re in uncharted water and no one seems to know what the best move forward is. It's in your best interest to start looking at your own options and not rely on other means to secure your home during the lockdown.
Indices to the rescue?
Index funds were just beginning to rise to the top of the investment options pile. They took a brief hit, but they are slowly but surely becoming the best option once again. You should consider speaking with an index fund firm and see what your options are. Index funds offer a lot of advantages other forms of investment don’t. For one, the risk is broadly spread and the risk appetite is kept in one index per investment. This pretty much ensures that even if you were to make a loss in one particular stock, you would have it balanced out by another stock rising. This is the great thing about investing in indices because you’re keeping your investment in a broad spectrum with many options that other investors will run to when one is dropping in value. Index funds can be used as collateral for home finances. They’re happily accepted by many loan companies and bank mortgages.
A long-term shift
If you believe that the financial hit to you will be too severe for a short-term solution, then home refinance rates are something to look into. For loans that are up to around $500,000, you could choose from a range of lengths and rates. If you’d like a 30-year fixed plan, the rate will be 3.500%, 0.125 points, 3.544% APR with a total number of payments of 360. The monthly payments would be $1,347.13. As you would expect, this is for those that are planning to be homeowners for a long time so you should be sure that you will be able to make these payments hundreds of times over. For a high balance fixed-rate loan, one of the options is a 15-year fixed at 3.375% rate, 0.125 points, 3.405% APR and a total payment number of 180. The monthly payments will be $4,252.56 but you can borrow between $510,000 to $765,000.
Precious metal
Gold has been on the rise since Christmas. Going from $1,344 to around $1,730 per ounce. This particular precious metal can be used as collateral as it's an asset with stable growth patterns even during economic turmoil.
If you would like extra help to secure your home during this troubling financial time, you should look for index funds, gold, and fixed-rate loans to refinance or support your home.
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