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Have You Heard about 1.99% Mortgage Rates? There’s a Catch!

The mortgage industry has been offering incredibly low rate loans with low or no fees. Recent weeks have seen some mortgage lenders promoting their new 1.99% fixed rate loans, but it’s important to understand the fees involved in these loans. They might be a very good choice for some borrowers but are also a very wrong choice for many.

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Notary Near YouHave You Heard about 1.99% Mortgage Rates? There’s a Catch!
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Mortgage Rates Plunge to All-Time Lows

Home owners and home buyers across the nation are thrilled to have an opportunity to secure a mortgage rate that is the lowest rate ever offered in the US. During a year that has seen a pandemic and civil unrest, the nation also enters a time where the average lender is offering mortgage rates that are below 3%.  

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Notary Near YouMortgage Rates Plunge to All-Time Lows
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Mortgage Refinance Boom Creates Pressure on Lenders

Lenders across the US are struggling to keep up with the Mortgage Refinance Boom. The recent Federal Reserve rate cut has motivated many homeowners that were waiting for the right time to refinance to make their move and file an application.  Major lenders are doing their best to meet the need including hiring new loan underwriters, processors, and closers.
Purchase application volumes have also increased to the highest level in over 11 years, which is adding to the pressure on the entire mortgage industry affecting lenders, appraisers, and title companies.

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Notary Near YouMortgage Refinance Boom Creates Pressure on Lenders
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