As consumers know, the current mortgage interest rates are at the lowest levels in history. Those great rates have given many home owners and potential home owners the incentive to take advantage of the low rates to purchase a more expensive home or to refinance.
Because of that demand, there are so many loan applications in the pipeline that all lenders are experiencing a major back log. Borrowers can expect longer turn times, from application to funding, to get a mortgage. Even getting some lenders to answer the phone or to get someone to talk to can be a challenge.
At Indigo Mortgage Colorado, we recommend borrowers have patience – mortgage experts believe these interest rates will remain at record lows at least through the end of summer 2021.
In the current market, even when the borrower has a mortgage application in with a lender, it can be frustrating as there may be long periods of no communication since every department in the loan process is overwhelmed with files. We see that even appraisals are taking longer to be completed as the appraisers are just as overwhelmed.
Our advice is to use a local lender like Indigo Colorado who will be more accountable and will always work harder for the borrower than an online mortgage company. And please, try to exercise patience as low mortgage rates will be sticking around for a while.