What just happened!?
My first advice is don't panic. Our financial system will not collapse and there will exist lenders that have managed this chaos very well. I'm proud to say that my company, Caliber Home Loans, has done an amazing job. Many other companies have done a great job as well, so don't lose heart.
My second piece of advice is to find a well capitalized lender, and loan officer, that you can trust. Get your rate locked in and let it be. Shopping rates will hurt you and our industry. I don't care what Lending Tree says... having lenders beat each other up competing with each other is not good for the consumer.
I'll leave you with an excerpt of my Facebook post.
"Allow me to paint an analogy of trying to get a mortgage and lock in an interest rate in this market. Trying to refinance (or get a loan) right now is like running to jump on a moving train as it's leaving the station. The decided ones are able to grab on to the back of the train as it speeds up. It wasn't exactly what they envisioned, but they got on the train. Some aren't moving fast enough and when they saw the train was going faster and faster they couldn't catch it. Some decided to wait for the next train, but it never came. Some that were on the train, got off at the wrong exit.
My dear client or friend, getting a super-low mortgage has left the station. The train is still moving slow enough to get on board for a good rate. (Especially if you are purchasing a home) Please act now. One other thing, do not think that this COVID-19 pandemic will thrust rates further down. The BOOM in super-low rates lasted exactly 4 days. It's over. The train has left the station."
Have questions, comments or need mortgage advice? Visit us at www.loanwithrick.com.