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COVID’s Impact on Mortgage Financing

Only a few months ago, the United States economy was chugging along at a respectable pace with low interest rates, a record-high stock market and 3% unemployment. These impressive stats supported a seemingly financially sound and stable 2020, but the arrival of COVID-19 quickly dispelled this Goldilocks story before the end of the first quarter. With businesses forced to close amid stay-at-home orders, unemployment skyrocketed which, quite obviously, impacted the normally robust spring real estate market.

With unemployment at its highest level in decades, lenders have been forced to verify and redocument income and employment status for clients up until…

Is Now the Time to Refinance Your Home?

“Lowest mortgage rates since 2012 spur refinancing wave” – CBS News

“All-time low mortgage rates will create all-time high confusion tomorrow” – MortgageNewsDaily

“Mortgage rates sink to their second-lowest levels in three years” – Washington Post

There you have it—mortgage rates are very low. And with that come many companies competing to refinance your mortgage, likely your largest expense. The COVID-19 outbreak has had major impacts on the economy and, during the first week of March, the Mortgage Bankers Association reported the highest level of refinancing applications since April 2009.

Some customers get sucked in with 800-number mailers or…

Is Now the Time to Buy a Home?

There are many questions when it comes to buying a home. Two of the most common are – when is the right time to buy? And, should you buy now or wait until you have more money saved for a larger down payment? Most of us would probably agree that having more money to put down is generally a good thing. However, the current availability of loan programs that require a low down payment coupled with historically low rates might be enough to encourage folks to buy now.

Let’s consider the value of low rates in terms of purchasing power….

What’s the Best Time to Lock-In Your Mortgage Rate?

Let me start by saying, if I knew in advance when interest rates would move up or down, I would be so in demand that I would not have any time to write this blog. There is no guaranteed way to determine the perfect moment to lock in your interest rate.

You are able to lock your interest rate when you apply for the mortgage. The lock-in window starts for every mortgage consumer when a loan application begins the approval to closing process. Standard industry rate lock periods are 60 calendar days or less from the date of your application….

Is It Time To Refi Your Commercial Property?

On September 18, 2019, the Fed reduced prime interest rates for the second time in 2019. With falling interest rates, you may be considering a refinance of your commercial property. There are many reasons why this could benefit your business. Perhaps you want to look into a cash-out refinance to utilize the equity you’ve been building in your property to use for renovations or other investment activities. Maybe you want to switch from a variable to a fixed rate in order to lock in some financial security. Perhaps you have an upcoming balloon payment that you’d like to avoid….

What Homebuyers Need to Know About Interest Rates

As a home buyer, one of the biggest questions you probably have when looking for a mortgage lender is, “what is your rate?” The answer is there are lots of factors that influence a consumer’s mortgage interest. You have probably heard that the Federal Reserve (Fed), or, Federal Open Market Committee (FOMC), officially cut benchmark interest rates on September 18 for the second time in two months following a 10-year U.S. economic expansion. As a consumer, and specifically a homebuyer, what does this mean?

The Fed’s rate cuts directly impact debt with terms of 10 years or less (“short-term” interest…

Buying or Refinancing a Home? You Need More than a Quick Online Approval

A home is likely the largest purchase you will make in your lifetime. As a long-term investment it will have a significant impact on your financial future. With the Internet at our fingertips, the near-instant gratification of an online quote can be tempting, but acquiring the right mortgage for either a home purchase or the refinancing of an existing mortgage is likely one of the largest financial decisions you will have to make. It is crucial to have support as you navigate this important process which can be cumbersome and complex without the right resources.

The biggest question for homebuyers is which mortgage…

Frank DiMaio Appointed Sales Director of Mortgage Banking

Univest Bank and Trust Co. recently announced the appointment of Frank DiMaio as senior vice president and sales director of its mortgage banking division. In this role, DiMaio is responsible for overseeing the divisions’ sales teams as well as growth strategy, profitability, recruiting and loan quality.

DiMaio brings more than 20 years of experience in the mortgage industry to his role including serving as a regional sales manager for Wells Fargo where he led a top-producing sales team. He is active in his local community and currently serves as President of the Central Perk Youth Association. Additionally, DiMaio coaches his…

Grant for First-Time Homebuyers

Buying your first home can be intimidating. For many, it is the most expensive purchase they will ever make. While most people secure a mortgage to finance the purchase, home buyers are usually faced with needing to contribute to a down-payment and cover closing costs. This can feel daunting, but there are resources to help. Univest Home Loans proudly offers a first-time homebuyer grant program called First Front Door (FFD).

Through FFD, if you qualify, for every $1.00 you contribute, Univest will match with $3.00 of grant assistance, up to a maximum of $5,000. These funds can be…

Interest Rates and the Housing Market in 2019

Carpe Diem! Strike while the iron is hot! Make hay while the sun shines! These timeless adages obviously stress a call to action. Good advice if you are a home buyer or considering a refinance in our current real estate market. Now is the time to act.

In the world of financial markets, things often change abruptly. Just a few months ago, real estate market heavyweights such as Fannie Mae and the National Association of Realtors revealed their interest rate forecasts for 2019 – they were projecting that the average 30-year fixed mortgage interest rate for 2019 would be just…

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