Insight

Is This a Once in a Lifetime Opportunity to Refinance Right Now?

If you wish to stay in your current home and refinance or buy a new home, now is the time

Should You Buy a Home During This Pandemic?
Roy D. Oppenheim

Roy D. Oppenheim

April 29, 2020 08:00 AM

Mortgage rates have fallen to their lowest rates in modern U.S. history due to the fears that the coronavirus is weakening the U.S. economy. Usually, lowering mortgage rates stimulates home sales. However, “breaking news” daily reporting a worsening coronavirus epidemic may ultimately lead to home buyers staying at home rather than actively going out to look at houses.

Even more, if the virus adversely affects the economy like in China, U.S. workers will start losing their paychecks and their ability to make big purchases. Furthermore, factory supplies from China used by home builders have been disrupted, which is an issue in a market that is short in supply according to Realtor.com senior economist George Ratiu.

The outbreak has already caused havoc with entire cities in Asia and Europe shut down as well as flights grounded, and events canceled here at home. The Organization for Economic Cooperation and Development said that global growth could be cut in half. Prior to the outbreak, the economy was growing at an annual rate of only 2 percent. Now, a recession is brewing as we stop going to restaurants, movies, and concerts.

With less revenue and spending, companies will then start laying off employees. Then, others, who are afraid that their jobs may be next, do not spend. That becomes a vicious cycle of more layoffs due to a lack of consumer spending pushing in turn companies going bankrupt.

So, is there a silver lining in all of this?

The bottom line is: If you wish to stay in your current home and refinance or buy a new home, now is the time. It is estimated that 14.5 million homeowners would benefit from refinancing if the rates drop to 3.25 percent, according to the data firm Black Knight. Currently, the average rate of a 30-year fixed loan fell to 3.29 percent. Some people are taking advantage of the falling interest rates to refinance and/or to buy. While naysayers forecast that the economy is going to continue to decline and employment may be at issue across multiple sectors, refinancing now may be wise.

The increased refinancing demand, up more than 200 percent from last year, has posed challenges to some lenders resulting in pausing email refinancing marketing campaigns due to high refinance application numbers. The refinancing frenzy has pushed mortgage lending to its highest levels since 2006—just before the Great Recession.

So, take advantage of these low-interest rates and refinance now! Delaying may be at your own peril if the economy continues to spiral down. And remember, we are here to assist you.

From the trenches,

Roy D. Oppenheim

Originally posted at: https://southfloridalawblog.com/is-this-a-once-in-a-lifetime-opportunity-to-refinance-right-now/

Related Articles

WATCH: Best Lawyers Discusses COVID-19 & Rental Agreements


by Best Lawyers

Three legal experts join the CEO of Best Lawyers to talk about a general approach to “the rental” market and what happens if tenants can’t pay rent in May.

COVID-19 Panel: Rental Agreements

WATCH: Best Lawyers Discusses COVID-19 & Education


by Best Lawyers

Three legal experts join the CEO of Best Lawyers to discuss how COVID-19 will change public, private, and higher education in the country and the legal considerations people will have to consider

COVID-19 Panel: Education

WATCH: Best Lawyers Discusses COVID-19 & Sports Franchises


by Best Lawyers

Three legal experts join the CEO of Best Lawyers to discuss the legal challenges sports franchises face as the reality of reopening looms closer.

COVID-19 Panel: Sports Franchises

WATCH: Best Lawyers Discusses COVID-19 & Family Law


by Best Lawyers

Three legal experts join the CEO of Best Lawyers to talk about problems that arise for family law during COVID-19.

COVID-19 Panel: Family Law

Know This Contract Clause During the COVID-19 Pandemic


by Roy D. Oppenheim

Force Majeure clauses are common in most contracts and can prove to be invaluable when determining whether one party’s performance is truly outside of that party’s control.

What is Force Majeure?

The Employment Pandemic


by Meredith Caiafa and Sarah Greene

The pandemic has had far-reaching effects on employment law since it officially took hold in 2020, but the litigation and lawmaking surrounding it are mutating faster than the variants. Here’s how lawmakers and businesses can keep up.

Employment Law During COVID-19

There’s Hope for the Canadian Real Estate Market Post COVID-19


by Steven Tulman

Clover Mortgage offers advice and predictions on the Toronto real estate market as we move on post-pandemic.

Canadian Real Estate Market Post COVID-19

Brick to Click


by Lindsay Mesh Lotito

Trends in commercial real estate have been fast-tracked by the pandemic. Here’s what lenders and borrowers must do to ensure their viability in a rapidly changing world.

Online Shopping Shifts Commercial Real Estate

Newly Launched COVID-19 Litigation Project Offers Open Access To Pandemic-Related Court Judgments From Over 70 Countries


by Sara Collin

A worldwide database of COVID-19 cases is uniting more than 70 countries as judges, lawmakers and lawyers continue to navigate pandemic related litigation and the ways in which it’s evolving amid year three.

COVID-19 Worldwide Litigation Project

Shake On It


by Justin Smulison

The importance of proper documentation in real estate dealings is highlighted by the legal repercussions many have faced after brokering non-binding handshake deals.

Real Estate Handshake Deals Are Non-binding

Navigating the New Normal


by Jody E. Briandi

The pandemic has upended many law firms’ internal culture and their lawyers’ work habits, in many ways for the better. As we approach 2022, how can we consolidate those positive effects to transform the practice of law (and our personal lives) for the better?

Work Habits Affected by the Pandemic

Phoning It In


by Alyson M. St. Pierre, Ashley C. Pack and Crystal S. Wildeman

It’s not easy for employers to weigh requests from employees to work from afar, even in the wake of the pandemic. Considerations include COVID-19, vaccinations, the Americans with Disabilities Act and the nature of the job itself.

Employer Considerations for Teleworking

With Reservations


by Justin Smulison

Is vaccine liability on the menu for restaurant owners in 2021?

Vaccine Liability for Restaurant Owners

How I Adapt to Working From Home


by Alexandria Hurst

With the pandemic still ongoing with no end in sight, one lawyer writes about how she stays sane working from home.

Working From Home

WATCH: Best Lawyers Discusses COVID-19 & Health Care


by Best Lawyers

Two legal experts join the CEO of Best Lawyers to discuss the legal issues hospitals and health care providers are facing as a result of COVID-19.

COVID-19 Panel: Health Care

WATCH: Best Lawyers Discusses COVID-19 & Business Liability


by Best Lawyers

Three legal experts join the CEO of Best Lawyers to talk about business liability concerns as the economy opens back up.

COVID-19 Panel: Business Liability

Trending Articles

A Celebration of Excellence: The Best Lawyers in Canada 2024 Awards


by Best Lawyers

As we embark on the 18th edition of The Best Lawyers in Canada™, we are excited to highlight excellence and top legal talent across the country.

Abstract image of red and white Canada flag in triangles

The Long, Short, Thick and Thin of It


by Avrohom Gefen

“Appearance discrimination” based on employees’ height and weight is the latest hot-button issue in employment law. Here’s a guide to avoid discrimination.

Woman stands in front of mirror holding suit jacket

Vanguards of Victory: Best Lawyers: Ones to Watch in Canada 2024


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in Canada™ has been announced, and the lawyers showcased by these awards are rising to the challenge each day as advocates for clients all across the country.

Blue and black background with small squares connected by lines

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Trailblazing Titans of the Industry: Announcing the 4th Edition Best Lawyers: Ones to Watch® in America


by Best Lawyers

Best Lawyers honor and celebrate these talented, innovative newer lawyers who are trailblazing their way to victories in courtrooms across the country.

Connected web above map of the U.S.

Pearls of Wisdom: Celebrating 30 Editions of Best Lawyers’ Rankings


by Best Lawyers

In celebration of our landmark 30th edition, Best Lawyers’ leadership explains how the world’s original and most trusted legal awards maintain their esteem, integrity and reputation for excellence among the top legal entities and their clients.

Best Lawyers logo for 30th edition release with gold glitter in background

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

Announcing the 2023 The Best Lawyers in Canada Honorees


by Best Lawyers

The Best Lawyers in Canada™ is entering its 17th edition for 2023. We highlight the elite lawyers awarded this year.

Red map of Canada with white lines and dots

IN PARTNERSHIP

Thomson Rogers: Toronto Personal Injury Lawyers


by Thomson Rogers

Since establishment in 1935, Toronto-based firm Thomson Rogers has consistently delivered results for their clients struggling through complex litigation.

Top of a Staircase Featuring Two Large Black Doors with Bookshelves and Chairs on Each Side

The Best Lawyers in South Africa™ 2023


by Best Lawyers

Best Lawyers proudly announces lawyers recognized in South Africa for 2023.

South African flag

IN PARTNERSHIP

How Long Does a Felony Stay On Your Record in California


by Peter Blair

A felony can remain on your record for life in California. Some felonies qualify for expungement. Learn how to remove a felony conviction from your record in California.

Hand setting bird free out of a guarded fence

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

Announcing the 2022 Best Lawyers® in the United States


by Best Lawyers

The results include an elite field of top lawyers listed in the 28th Edition of The Best Lawyers in America® and in the 2nd Edition of Best Lawyers: Ones to Watch in America for 2022.

2022 Best Lawyers Listings for United States

The Upcycle Conundrum


by Karen Kreider Gaunt

Laudable or litigious? What you need to know about potential copyright and trademark infringement when repurposing products.

Repurposed Products and Copyright Infringemen

Best Lawyers: Ones to Watch in Canada 2023


by Best Lawyers

The year 2023 marks the second edition of Best Lawyers: Ones to Watch in Canada, highlighting professionals earlier in their legal careers all across Canada.

Blue background with white stairs formed out of lines

The Best Lawyers in Australia™ 2024 Launch


by Best Lawyers

Best Lawyers is excited to announce The Best Lawyers in Australia™ for 2023, including the top lawyers and law firms from Australia.

Australian Parliament beside water at sunset