Everybody Refinancing Their Homes Seems To Be Slowing Down The Purchase Mortgage Market


Everybody Refinancing Their Homes Seems To Be Slowing Down The Purchase Mortgage Market
By Scott Rogers • June 18, 2020
Depending on the details (rate, term, etc.) of your current mortgage it might be a great time to refinance your mortgage. Interest rates are at RECORD low levels. And...apparently, a LOT of folks have figured this out as the refinance market seems to be BOOMING right now. Loan officers are busy as can be, some appraisers are finding that it takes them longer to fulfill appraisal requests, closings are being delayed. So, if you're doing something as straightforward as buying a home, and needing to get a mortgage - be forewarned that the financing part of the home buying process might take a bit longer than you'd like or expect. Appraisals might take longer to get back to the lender. It might take a few extra days for appraisals to be reviewed by underwriters. The underwriters might need a few extra days to review your file and get you to loan approval. And on, and on. My best advice is to work with a local lender (just ask, I have recommendations) and then follow up with them regularly to make sure things are still progressing as planned and that you are on track for an on time closing. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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