This week, rates fell as low as 2.5% on a 30-year fixed rate loan.
With rates at historic lows, the mortgage industry is booming and the time it will take to close mortgages is growing.
“I have a mortgage broker who consistently processed and closed 20-30 day loans in May,” Raleigh real estate attorney Sam Whitmeyer-Weathers told ABC11. “They were told by their in-house treatment arm to start offering 45 days, and within a few weeks that went down to 60 days and then 90 days.”
Whitmeyer-Weathers said that at one point this summer he and his staff were working almost constantly.
“We went through a period where we were working 14, 15, 16 hours a day seven days a week relentlessly.”
Fortunately, he says things have slowed down just enough for them to catch their breath.
But that’s about all.
“Everyone in the industry is still extremely busy and struggling to keep up with the volume,” he said.
Whitmeyer-Weathers still finds it hard to believe that in the midst of a global crisis, its business has more than doubled from last year.
During our interview, his mind returned to March, when the pandemic first gripped the United States.
He thought he was about to take an extended vacation, he recalled saying, “Of course that’s the opposite of what happened. It got busier and busier over the course. of this period. “
Whitmeyer-Weathers also said the increase in business affects all areas of the real estate market – closings, purchases, sales, leases, commercial and residential.
As he strives to close after close, he has some advice for those who are wondering whether to refinance or whether they have the patience.
“If you can reduce your rate by at least three-quarters of a point or one point, there are significant savings there and it’s worth the wait.”
And, he added, make sure you choose a reputable lender.
But once you’ve taken the plunge, be prepared to wait for your close, maybe months.
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