Welcome to Home Buying and Re-Fi-ing with Lorne Levy! In this podcast (recorded February 28th, 2020) Lorne takes a look at the impact of the Coronavirus on home loan rates. With the stock market plunging thousands of points, one glimmer of light in the last week of February was the drop in mortgage rates to lows not seen in almost a decade. Today, March 4th, the impact of the Coronavirus on home lending rate continues with the second-lowest 30-year rate in history.
Lorne is joined by a client who just prior to the recording of the podcast had met with Lorne to look at the new rates and refinance an existing purchase. In addition to discussing the historic lows of the rates and what the future might hold, Lorne and his guest also look at how rates are impacted for conventional and FHA loans, and why looking at popular online sources is not a good method for a consumer looking to find the best rate available. Lorne’s guest, who did look at nerdwallet.com for the February 28th’s rates before the appointment with Lorne, asks Lorne why his rates are so much lower than what he was able to find at nerdwallet.com. Lorne explains how mortgage lenders like Quicken set their fees and why he can usually beat competitors (Lorne makes less money on his loans).