Keller Mortgage during this SHIFT!
- KM is continuing to lend through this turbulent time, while balancing market risks!
- KM is here to refinance to lower payments, consolidate higher interest debt, or to receive cash-out to reduce the impact of the financial hardships created by the COVID-19 emergency.
- KM is turning FULL FREE Underwriting Pre-Approvals around usually within the day, and holding rates at near all-time lows.
- Month to date, Keller Mortgage has locked hundreds of millions of dollars for clients & our average locked rate has been under 3.5%!
The Latest, Mortgage Lending and Real Estate Industry Update
Overviews for Forbearance under the CARES Act:
- Forbearance allows the borrower to pause payments, however, repayment is expected in full over time.
- Some lenders have tightened lending standards because of forbearance because the loan servicer must still make payments to the bond holder.
Servicers must reserve cash, limiting cash available to loan.
- Therefore, mortgage companies are less willing to lend to “riskier” borrowers. Interest rates are low for well-qualified buyers.
As updates become available, we will update here with new standards, etc. Expect some announcements with Gov’t loans this week.