This morning on The Rhode Show Gary Moukhtarian, SVP, Home Lending RI and MA Regional Manager for Webster Bank joined us.
Per a recent survey there are over 12 million households who could benefit from a refinance.
Given some of the lowest rates on record refinancing may offer a long term financial benefit by lowering monthly obligation for many individuals and families.
First tip is to be prepared. Given the influx of applications, the overall process from start to finish may take longer than usual. The more you can be prepared upfront by gathering all the needed information as part of the application, the smoother and quicker the process will go. The refinancing process does involve outside services—appraisers and attorneys, for example—whose lives are also affected by the current restrictions.
Second tip is be patient. Your loan officer is there to help and guide you thru the process; but patience is critical. And the last tip is not to wait too long for a rate to drop further. Rates can change daily (sometimes multiple times per day) given today’s market conditions. So if you’re happy with the rate, savings and service, locking is always the safer option.
If you would like more information you can contact Webster Bank
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