Now, in September 2020, mortgage rates are about the lowest in history. Because of that, mortgage lenders have been hit with a deluge of new applications which is causing strains across the industry. That means it’s taking longer to get appraisals, underwriting turn times have been extended, and getting the loan to closing is taking
Mortgage interest rates have declined to the lowest in history but there are still some challenges out there for people buying or refinancing a home. The first affects home owners who took advantage of a forbearance, which is when your lender has allowed you to temporarily pause or pay less than your monthly mortgage payment.
As the country moved to reduce the spread of coronavirus by shutting down non-essential businesses, millions lost jobs — and without income, many homeowners are concerned about their ability to pay their mortgage. In fact, in Bankrate’s latest survey, 54 percent of borrowers expressed concern about making payments. Meanwhile, those still able to pay their