COVID-19 has had a serious impact on the U.S. economy and the mortgage industry. And while most of the changes have been negative ones, we’re also experiencing historically low mortgage rates. The number of customers taking advantage of these rates for home loans is creating some significant challenges for all of us who work together to provide home financing, so even while many states are in the process of reopening, expect possible delays in the process.
What can you do to help with your loan process?
Perhaps the most beneficial way you can help is to remain patient. At this time, everyone involved in the loan process is working constantly to keep up with the unprecedented demand. The sheer influx of new loans and slowdowns in other areas will mean that the process might take a little longer than it normally does. We’re doing our best to take care of your loan as quickly as possible.
It’s also important to understand that locks may carry a cost or marginally higher rate than you expect. For example, mortgage loans can occasionally result in unexpected costs for lenders, through penalties when a loan is refinanced earlier than expected, or a loss when rates shift suddenly after customers have locked.
How can you avoid delays?
Want to get your loan approved quickly? Documentation is the key. Be sure to include everything that’s requested. Your quick response to inquiries will keep things moving smoothly. And remember, keep your credit sound and do not change jobs during the process.
If you have questions, or experience any issues, please contact your loan officer at 1-866-742-5158 or by visiting our website. We appreciate your patience and look forward to helping you with your mortgage needs, now and in the future.