How does the Corona Virus affect my current loan?
Secure One Capital is taking every precautionary step to make sure its staff, customers, and resources are properly taken care during this time. Our company is prepared and ready to implement our remote business practices to continue business as normal. We don’t anticipate a slow down in processing your application.
What does it mean when Federal Funds reduce Rates to 0%?
The Fed funds rate doesn't directly affect any mortgage rates apart from home equity credit lines. While it often moves in the same direction as the traditional 30yr fixed mortgage rate in the long run, there are months and even years of time when they seemingly have nothing to do with each other.
If mortgage rates drop can I get a lower rate?
Yes, as part of our ongoing customer satisfaction we are constantly monitoring your interest rate. Many factors go into the rate that you specifically qualify for such as Income, Credit, and Equity. Published interest rates are based on a national average and typically a result of what rate the bank is lending to another business for us to lend to you.
So when the market improved enough we will look at a one-time float down option in your pricing. If the rate goes down by at least .375% after you lock, you can get the lower rate, but if the rate goes up, you keep the original lock. Most lenders will charge for this float down option.
It is almost impossible to lock at the absolute bottom and waiting to lock could cost you thousands over the term and save you only hundreds. If the savings get into thousands, we exercise a float-down.
Should I make my mortgage Payment?
There are times during the refinance process where you can potentially defer up to two payments, when doing so your payoff demand will include an additional 30 days of interest causing your payoff from your existing lender to be greater than the actual balance due. Our recommendation is to always make your mortgage payment on the regular scheduled due date. When considering to defer two payments with a refinance please consider the following; Missing your scheduled payment and allowing the grace period expire may result in additional late fees and interest added to your final payoff quote by your lender, after the final day of the schedule payment for that month may result in a 30 day delinquency on your credit.
When should I expect an update?
All updates will happen within 24-48 hours from the time of inquiry, during these busy times email is our preferred method of communication.
What should I do?
Be patient. We are operating business as usual and will need your cooperation and understanding while we navigate through these uncertain times. Work with us to help your loan close as soon as possible
