Best Practices for Refinancing Amid COVID-19

It’s a wild time for our community, our state and our country as a whole, and New Way Mortgage is here to guide you through the mortgage opportunities that best fit your specific situation and needs. For those looking to refinance during this time, we’ve put together a list of best practices for refinancing and a ‘how-to guide’ for being prepared given the current environment.

Best Practices for Refinancing:  Apply Now

Don’t wait! Get your application in now so we can be ready to lock in your loan when rates adjust. The current market and interest rates are volatile, and windows to lock in rates can be unpredictable. When an opportunity arises, we need to jump on it.

At New Way Mortgage, we’ve made it easy to apply online from the safety of your home via our website! All you have to do is visit newwaymortgage.com to apply. If you’d prefer to apply with an individual from our team, we are happy to offer you a virtual consultation over video conference or via telephone—whatever works best for you.

It’s also important to have your supporting documentation ready to go so it doesn’t hold up the loan process. We’ve made it easy to securely send all supporting loan documentation at your convenience without ever leaving your home. Our team is happy to walk you through this process to make it easy and seamless! Here is a list of the supporting documentation you will need to gather.

• Two years of W-2s or two years of tax returns
• One month of most recent paystubs
• Two months of bank statements or supporting assets
• Identification (driver’s license, passport, social security card)
• Additional information may be requested

Social Distancing Doesn’t Impact the Mortgage Process

New Way Mortgage is designed with ease and efficiency at the heart of everything we do. As we mentioned earlier, you can apply for and upload all necessary loan documentation from the comfort of your own home. We are also using video conferencing to host consultations with future homebuyers and those looking to refinance.

If you have questions, we are always just a phone call away at (916) 465-6639, and we mean it. Call us any time and get a real-life human on the phone that can tell you the status of your loan, lock in an interest rate and guide you through the loan process.

Best Practices for Refinancing:  Hurry Up and Wait

This is probably the hardest part of the whole process—the waiting game. Once you have your application in, our team will take it from there. The mortgage industry is considered essential business, so while we’ve made some modifications to the way we work, our team is working around the clock to help close your loan. This means our team is actively watching interest rates and shopping our lenders to find the best fit for your specific financial goals. When we find the right opportunity, you will be the first to know.

During this time, patience is the best practice. As the market starts to correct, there will be opportunities for those looking to purchase and refinance. For now, focus on puppies, babies, and anything else that brings you happiness and let us handle the rest! We’ve got you covered.

Is Refinancing Right for Me at This Time?

If you have lost your job or have experienced a decline in income due to the COVID-19 emergency and are UNABLE to continue making your mortgage payments, refinancing may not be a good fit. In this case, you may qualify for payment relief under the CARES Act.

It is important to note that payment relief does not forgive your monthly payments. Rather, it provides you with the flexibility to postpone your payments to a later date with interest applied. Applying for forbearance with your loan servicer will impact your ability to refinance. Forbearance should be carefully thought out and used as a tool for those experiencing financial hardship who are unable to continue to make their mortgage payments right now.

To learn more about forbearance under the CARES Act, contact your loan servicer (the company you make your payment to) for more details.