Special article brought to you by Econ Mortgage
Things have gotten crazy with the recent Coronavirus outbreak. Besides the obvious health concerns, the worldwide pandemic has had a far-reaching impact across the economy. The stock market saw its worst drop since 1987, and many economists say we’re heading for a recession.
On the bright side, the downturn has caused interest rates to drop even lower than the favorable rates we’ve seen the past couple years. The Federal Reserve rate dropped to nearly zero in March, leading to lower mortgage interest rates.
HOW LOW CAN IT GO?
Interest rates are constantly fluctuating, and if they do go up from here, history has shown that they tend to inch up slowly over time. There’s not much room for interest rates to go lower than where they are now, though, so if you are in the market to refinance or buy a new home and can lock in a good interest rate, it’s a great time to do it.
SHOULD YOU REFINANCE?
If you closed your loan within the past few years, or even months, you might still benefit from refinancing at these low rates. Work with a loan officer to get quotes and compare the figures with your current situation. Quotes are always free, and for a quote, you don’t even need to have your credit pulled. You might save a few hundred dollars a month and you can often skip a mortgage payment (sometimes two) when you refinance.
Some homeowners assume it doesn’t matter where you get your loan. They figure rates are the same from everyone, so they don’t shop around. That couldn’t be further from the truth. The smart way to get a loan is to work with a mortgage professional that takes a smaller piece of the pie, so they pass along more savings to you, the borrower. You can get quotes from more than one lender–in fact, shopping around is a great way to make sure you’re getting the best rate.
WHO IS ECON MORTGAGE?
At Econ Mortgage, we keep our overhead low and use technology to streamline the mortgage process. We also make less profit on each loan, so we can pass the savings on to our clients. Our clients come back to us again and again because they know we’ll take care of them and will get them the best possible rate at a competitive price.
Our headquarters are here in Syracuse, and we are home grown and love the community, but even more, we love helping our neighbors save money when they refinance or buy a new home. Call us at (385) 258-3588 or visit econmortgage.com to learn more or apply for a loan.