RANDOLPH, NJ- To say that these are unique times would be the greatest understatement ever muttered. We have been witness to the reshaping of the world as we know it.
We pray for the sick and the families of the bereaved. Terms like social distancing, contact tracing, virtual meetings and herd immunity have become part of our common vernacular. We have found out that the greatest of heroes don’t play on Sundays, but rather, get up every day, put on their uniforms, and rush straight into danger to protect and heal the rest of us.
We have newfound respect for the person that delivers our packages, and the men, women, boys and girls that stock the shelves and work the cash registers at our supermarkets. We have come to find that a can of Lysol, for now, is more valuable than a barrel of oil. We have developed a deeper admiration for our educators who have figured out a way to teach and inspire our children in a virtual classroom.
We feel the collective pain of our kids, especially the seniors (my daughter included) who are getting ripped out of some of the best times of their lives. And, we have discovered something about ourselves - that we are resilient and optimistic knowing that better days are ahead.
I have struggled with the concept of writing a new advertorial. I have never been a fan of being too “salesy” and, this is certainly not the time for it. That said, I do have something to offer, that for some people, may have a significant impact for them at this time. As a Mortgage Loan Originator, I specialize in helping people obtain financing to purchase a home, and I help homeowners refinance their mortgage when there is a tangible benefit for doing so.
The purchase market, as my real estate partners can attest, is at best, hampered. The Spring purchase market that we all look forward to, will hopefully turn into a robust Summer and Fall market. The refinance business however, has been active. The mortgage rates, although volatile, have been bouncing around near record lows.
After a sharp increase in mid-March, Freddie Mac reported that the average 30-Year Fixed was at 3.33% with 0.7% Fees / Points as of April 23rd. The rates for 20 and 15 years are even lower. The news however, isn’t all positive on the mortgage front. Mortgage Lenders and Banks have retrenched due to the impact of the COVID-19 crisis by increasing their credit standards, implementing stricter guidelines, adjusting their rates for loans associated with having higher risk and by re-verifying employment a day or two before the closing.
There are three main reasons that people choose to refinance their mortgage. The main driver is to lower their rate, and in turn, lower their monthly payment. Mortgage Originators often tell their customers that it is like giving yourself a raise. That is a bit too salesy for me personally, but the concept may resonate with you.
Some people refinance to reduce the number of years that they have to pay their mortgage. If the payment is manageable, a 15- or 20-Year Fixed Rate Mortgage can save you tens of thousands of dollars in interest payments. Both of these options are referred to as “rate and term” refinances, since it is affecting the rate or term or both. The third common reason that people refinance is to access the accumulated equity in their homes. This is called a “cash out” refinance because you are taking cash out of the equity in your home. The cash can be used to consolidate debt, do home improvements, pay for college or, just about any reason that you can think of.
If you think that you may benefit from refinancing, we should schedule a mortgage conversation. The first thing I encourage people to do is to email or text me a copy of their current mortgage statement. I can use this information to formulate some refinance options. The information that we share will be kept confidential. My email address is: Lbodnar@plsmtg.com, my cell phone is (201)715-2251 and my NMLS number is 192707.
Be healthy and stay strong Randolph and, as always, GO RAMS!
This advertisement is for first mortgages only and subject to credit and lenders approval. Private Lending Services is a licensed mortgage broker in NJ, PA and FL. Mortgage brokers are not empowered to make mortgage loans. Your Actual rate, payment and costs could be HIGHER. Get an official Loan Estimate before choosing a loan.