Our goal at Sims Mortgage Team is to provide access to home purchase loans and mortgage refinance at competitive interest rates and without the usual hassle of the home loan application process.
Unless you’ve been living on your own desert Island or under a rock, we’re all too familiar with the current global crisis as it relates to the COVID-19 pandemic, and it’s resulting effects on our daily lives.
As Houston based mortgage originator, We’ve seen it all, so we thought until this COVID-19 situation. Due the economic melt-down before us, we’re all experiencing something new and undesired. Thousands of lost souls for no fault of their, million around the world loosing their jobs and livelihoods, and millions more faced with a grim future with lots of uncertainty.
Governments all over the world are scrambling to find an antidote etc., and in the process trying to fend of a complete global economic and health meltdown.
In all of this doom and gloom, there is most definitely a silver lining and nothing lasts forever, including the current crisis. As Mr Les Brown puts it nicely. Bad time have come to pass. And so shall these times pass.
In the post COVID-19 era, governments are using every tool in their toolkit to keep the economy from total collapse, and one of those tools is the Interest rate. In the US we seen some really good interest rate in the past, but what we’re seeing more recently is unheard of and certainly one of the silver linings in the cloud.
Low Interest rates, mean lower mortgage rates, which for many home owner can serve as a form of financial relief.
As the government slashes rates to record lows, Mortgage Loan Officers and Mortgage Brokers in Houston are overwhelmed with new home loan applications and even more home loan refinancing applications.
Many home owners are scrambling to get their applications in to save anywhere from a few hundred dollar a month to several thousands. This has created a situation where the following trends are starting to emerge:
I see borrowers coming to me in tears after being left in the lurch with an existing home loan or mortgage refinance application. Because the bad actor broker or loan officer was playing Russian Roulette with their loan application, causing delays and asking for last-minute data requests. And in many cases, these have been an ongoing issue from before March 2020.
As mortgage rates tumble to new all-time lows and even slip to 2.5%, homeowners are rushing to refinance and shrink their monthly house payments.
It’s a good defensive move for households whose finances have been shredded by the coronavirus outbreak and Wall Street turmoil. In an unusual benefit from the pandemic, the chaos on the financial markets has helped push mortgage rates through the floor.
If you’re determined to refinance and save, contact Simran Patel of Sim’s Mortgage Team to score a rate that’s supremely low, instead of — well, just kind of low?