Getting Financing During a Pandemic
Trying to get mortgage financing during the pandemic?
The biggest thing that we've been noticing lately is that it's taking longer for home buyers to get their mortgage loans on a home. The biggest reason for that is that interest rates are so crazy low right now. Freddie Mac came out yesterday, Thursday, August 6th, and announced that there's a new record low on the average 30 year fixed interest rate. It is now down to 2.88% which is insanely low.
A lot of people are taking advantage of these interest rates and refinancing on their homes. So basically, there's more loans out there trying to go through the process than what the lenders can handle. This is causing a backlog and delays on home buyers trying to get financing on a home. Nothing extravagantly long though. We're looking at 35-45 days on average to get a loan through. Before the pandemic, it was closer to 21-30 days on average.
If you are in the market to buy a home or even sell your home, make sure to keep this timeframe in mind so you are prepared and know what to expect.
If you are wanting to take advantage of these rates and you want to refinance, make sure to reach out to your lender. If you need a contact, feel free to reach out to us, and we'll be more than happy to get you in touch with someone.
If we can answer any questions, please don't hesitate to reach out.