Did you know that this COVID-19 pandemic, that we are all working to find our way beyond, has actually also created a scenario where homeowners (who happen to be working with the right mortgage lenders) can take advantage of historic low rates.
Some of the big banks may have tightened their guidelines (requiring a minimum of a 700 credit score with 20% down and 6 months of reserve payments in the bank) - while other mortgage lenders, like Cardinal Financial, have plenty of flexibility -- and that is key to approving buyers who may have already been turned down elsewhere.
Today, we're speaking with Thomas Schwan, VP of Cardinal Financial's Melville branch, about how to refinance your home during these changing times, why right now is actually an excellent time to refinance, and what the future of the mortgage market might look like. PLUS the wide range of loan options available through Cardinal Financial that are flexible enough to work with even the most unique financial situations.
Our Conversation About The Benefits of Refinancing Your Home During This COVID-19 Pandemic
Thanks for talking with us today. Let's start with a little background information. Can you tell our readers where you're from and how you got started in the mortgage business?
Certainly! I was born and raised on Howard Beach, Queens; and I currently reside in South Bellmore, NY. And I started my career in the mortgage business in 2005 at a small local mortgage banker on Long Island.
What is your role at Cardinal Financial?
My role at CF is VP - Retail Market Leader. I like to say I wear a few hats, whereas I will jump in and do anything to help the business, whether its on the operations side if needed, recruiting, or originating. I am the only "mortgage originating" partner, so doing this allows me to keep up on all changes within the mortgage industry and stay relevant to the realtor partners, borrowers, and etc -- and be able to execute quickly and close loans.
What is your experience in real estate?
My experience in real estate is pretty extensive. I have been an active real estate investor for the past 22 years. I currently own and manage my own portfolio of real estate holdings; and have successfully bought, renovated and sold over 50 properties successfully, including new construction projects.
What is your opinion on the future of the mortgage market?
I believe interest rates will remain low for quite some time. I anticipate rates to stay in this range through 2021. I strongly believe there will be an influx in home-buyers coming out of the COVID-19 quarantine -- and that there will be limited inventory. On the flip side of that thought, I also think, because it is a sellers market right now, that many other homeowners will decide to list their homes and relocate, knowing they can get "top dollar" for their home at this time.
How is Cardinal different from other companies you have worked with?
Cardinal Financial is a completely different animal from any other lender I have worked with for many reasons. First, the technology is light years ahead of anything currently out there in the mortgage industry. Second, the flow of the process and ease of underwriting has allowed us to grow our brand both here in NY, in our backyard, as well as in other states/regions. Last, but not least: the culture. The culture of the company and the vision everyone here shares is unlike anything I've seen in this business. The willingness and dedication to grow and succeed, but most importantly - make every borrower transaction a memorable one, is pretty special.
Why is it important and what are the benefits to refinancing your home during the Covid-19 Pandemic?
A refinance during COVID can be a huge benefit for many reasons. Where most banks aren't lending or have tightened guidelines through this pandemic, we are strong and are lending the same way we were prior to all of this. So the benefit lies where, right now, interest rates are still at historic lows so anyone who is still employed should be able to take advantage of these rates by obtaining a refinance. Whether it's to save money monthly, pay debt off and get cash back, or simply lower their term and pay the loan off sooner. All are advantageous, but borrowers have to be aligned with the right lender to be able to successfully get this accomplished.
Thanks for sharing your insight and experience with us today, Thomas! Do you have any last bits of advice you'd like to leave us with?
If any of your readers have any questions about refinancing their homes, or would like to learn more about the winning combination of products, process, technology, and people that make Cardinal Financial such an effective mortgage lender they should visit our website and call me today: 516-693-8406.
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