What’s Going On?
With all the COVID-19 pandemic, there isn’t enough money in the market right now. To remedy this, the Fed will be purchasing mortgage-backed securities to until it solidifies. Making these purchases manually injects money into the market and creates more liquidity for investors.
Other Lenders Are Struggling
There is a degree of risk that comes from the Fed’s actions in the bond market. We’re still dealing with a lot of uncertainty, so many banks will be cautious. As more businesses must send people home, they are no longer able to handle the same amount of loans they could before the pandemic. Instead of giving you the best rates possible, tons of lenders are keeping the rates higher to lighten their workload.
How Kwik Measures Up
While our competitors struggle, we are still able to serve our borrowers with our best efforts. We are not being held back by the current market and health conditions in the United States. Our digital mortgage process is entirely online, so we are fully operational even without being in the office, and we are excited to earn your business. While our competitors are having to delay closings to anywhere from 45 to 60 days, we proudly close your loan in 30 days or less.
Ready to Get Started?
Connect with us on our website, via email, or with a phone call with any questions you may have. We are here for you during these troubling times, and we hope to help you make the best of this situation however possible. If you’re not sure, get in touch for a free, no commitment rate quote within just a few minutes.