New York City finally starts the reopening process as of Monday, June 8th, bringing months of shutdown to a close. Phase 2 is on track to begin Monday June 22nd. During Phase 2 the real estate industry will be allowed to resume services such as residential in-person property showings and standard procedures such as appraisals and inspections can be held one person at a time.
Pent-up demand from the spring market, along with low interest rates is fueling a surprisingly quick recovery in home buying. As local economies open up, so do open houses. For borrowers, the current historically low interests rates won’t last forever. And lenders have tightened the rules for borrowers based on the high unemployment numbers due to the COVID19 crisis. But if your credit score is 720 or higher and you can prove you have stable, consistent income, and you’re considering refinancing, now is the time.
Low rates to start the week likely fueled the 11% jump in applications to refinance a home loan. “The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January,” said Joel Kan, an MBA economist. “Purchase activity increased for the eighth straight week.”
So if you’re considering refinancing and have returned to work, especially all essential workers, now is the time to assess if refinancing makes sense for you. If potential savings on your monthly mortgage or reducing your debt has crossed your mind, contact us here at MortgageDepot. We will ensure a safe environment for all our employees, customers, and visitors, to help prevent the spread of COVID-19 by following the Workplace Safety Plan in adherence to local and federal law.
Contact one of our loan consultants to learn more.