February 12, 2018
Everyone is watching the Olympics, and many refinancing is not a huge priority. Why would anyone even think of refinancing their mortgage in the middle of winter, after rates have gone up slightly? Yet Orion’s brokers tell our AEs that they are fielding calls from plenty of borrowers looking to do exactly that.
New home purchases have slowed down with the kids settled back in school, and the holidays have passed. In some parts of the country the weather makes viewing properties uncomfortable and difficult. People in those areas know that these are the cyclical fluctuations that correspond to seasonal changes that take place every year. The real estate market will heat back up in the spring just like it does every year. Orion, however, lends in many areas where bad whether is rarely a factor.
For homeowners that aren’t planning to move now is a good time to look at finances. Remember the holidays? If you overspent on credit cards or maybe need a tropical vacation it is a great time to cash in on the equity in your home. It is your money! A cash out refinance through Orion can be done in no time, and a borrower will have their money and a new lower rate before next month’s credit card bill arrives.
But seriously, there are lot of significant reasons our brokers are telling clients to think about a refinance, and what a client might be able to do with the equity in their home. Where Orion does business home values have risen dramatically due to the lack of inventory in the housing market. And despite a move upward in recent weeks rates are still extremely low. According to BankRate.com the interest rate on a 30-year fixed rate loan in October 1981 was 18.5%. Today, rates are about ¼ of that, depending on your personal financial situation – ask an Orion AE about our products and rates.
With some of our programs all a borrower needs to do is apply for a loan with one of our talented brokers and provide all the required documents. The loan will be sent to the Orion underwriting team. Of course, a loan will be subject to the appraisal and other property information, but you client can sleep well knowing that the basics of the loan approval process have been completed. And go Team USA!