With everything going on, it is important to stay patient. This is something we want to encourage our mortgage borrowers to do when going through the process for a home loan. Here’s why.
The mortgage market is currently experiencing a lot of changes. This is due to the effects of COVID-19 on the production side of things, as well as interest rates reaching historical lows. These factors are making it difficult for mortgage lenders to accommodate the number of applications coming through. Most home mortgage personnel are working from home or in controlled environments, which is causing delays in the process. Consumers are experiencing longer wait times to just get a call back on inquiries. They are also experiencing delays in timing between the mortgage application, disclosures, underwriting, and closing.
These factors are not only in the Colorado market but are common across the country with all lenders. The team at Indigo Mortgage Colorado encourages patience and persistence for our borrowers. With rates at historical lows, having patience and waiting things out is worth it. Borrowers who take advantage of these low rates will reap the benefits for years.
Not only do we suggest you take your time when it comes to your home mortgage loan, but we also recommend you shop local. Local lenders are much better suited to help borrowers through this process. You’re in good hands when you work with Indigo Mortgage Colorado! Give us a call or visit indigomortgage.net to get started on your search for the lowest home mortgage rate!