What Happens to the Economy Now?
You don’t live under a rock, so I’m going to assume you’re well aware of the COVID-19 pandemic sweeping the world, as well as some of its ramifications on our economy. In short, things are quite bad. Consumers are isolating themselves on their own accord, or by city mandates, which means droves of paying customers that won’t be seeing movies, sports games, concerts, shopping for clothes, visiting car dealerships or buying ice cream cones at the mall. None of it. Judging by the default legislation from major cities, only industries deemed “essential” will stay open – trash services, grocery stores, pharmacies, etc.
Most things people spend on do not fall into one of these categories, making it likely the U.S. will experience some form of recession soon.
Many are hoping for a Federal economic stimulus package, to make sure people can feed and take care of their families. Luckily, some measures are gaining bi-partisan support. When the economy is concerned, we might be surprised at the government’s ability to step in to problem solve. Or not. We’re flying blind right now in many respects.
Can I even afford to refinance?
One question I’m getting a lot right now is whether rates are low enough to warrant refinancing to save money. The answer always depends on their loan’s specifics, but it is true that mortgage rates have been flirting with ALL-TIME lows in the last few weeks. They could get there again soon. If they even approach those lows, then you should speak with a loan officer ASAP…
We discussed it in our article, but ~11.1 Americans could stand to lower their rate (a few weeks ago, they could do so by an entire .75%!) It would be a shame to miss out on savings because you didn’t look into it. Please do feel free to check rates / plug in your numbers any time with our live quote generator: Prospect-Quote.com. It’s free to use and requires no personal info.
You might be able to afford a refinance. You might even be able to roll closing costs into your loan and STILL reduce your rates and/or monthly payments. When you can do both, you should absolutely refinance. These scenarios would save you money of course, which is a very appealing idea to many Americans strapped for cash due to COVID-19.
How do I start the refi process?
If you’re seeing rates or payments that would improve your
situation, please don’t hesitate to apply with Prospect AS SOON AS POSSIBLE. Ask anyone in our industry, read up online – rates have never been this volatile (AKA unpredictable). They’re up and down, often before we can act on it. Applying quickly gives us the chance to lock your rate within 24 hours and close your loan in ~2-3 weeks!
And yes – we can do it all from home! Find a good rate, submit documents digitally, and save money. Out of all financial endeavors, at least mortgage refinances can be completed from home. We want to help make it easy, so please give me a call at 858-605-0952 if you’re confused.
We’re happy to assist however we can!
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.
“I’ve had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership.”