Record low mortgage interest rates keep lenders busy with applications

Record low mortgage interest rates keep lenders busy with applications

The pandemic isn’t stopping people from applying for new home loans and refinancing while mortgage rates are at record lows. Nikki Youngsma, a mortgage officer at Financial Plus Credit Union, says shutting so many things down hasn’t made a big dent in her workload.

But there probably are a lot of people out of work lately who would like to refinance. Konni Rodeghier, the Senior Vice President for Lending at First Federal Savings Bank in Ottawa, says even if you’re out of work now, you can start talking to loan officers to find out about the refinancing process, your credit score, and your refinancing options. Some people want the lower rate, some want to change the loan term, and others want to use their home equity.

Local lenders tell WCMY News, they hope interest rates stay low for long enough that people out of work now can get them when they’re working again.