22 mar Could it help you pay off your loan faster?
So we're taking all of that into consideration, having confidence and faith that the income trajectory will occur and the credit quality is there
So one of the very first questions that I have, I think it's just so relevant and pertinent to this period of time that we're in. Eileen, can you talk a little bit about from your perspective, how COVID has changed the real estate industry?
Derks: Absolutely, really a unique time for our economy perspective, as everyone knows, but essentially COVID brought the real estate market to a halt. There was no activity. Our home viewing and listing, we just couldn't in a COVID environment. So, that really brought a pause to folks buying and selling homes. And then as the economy sort of opened up, there was a lot of this pent-up demand. So six plus months of pent-up demand. You add that to, you know, low record, low rates and we really have sort of the perfect storm as it relates to, you know, high demand now. So pent up as well as folks really sort of rethinking where they want to live because they can now work remotely. Coupled with, as I mentioned, low record, low rates, we have a very high demand, there's low inventory and that certainly translates to a seller's market.
First of all, I would say it really depends. It's very individualistic. However, with record low rates, this is really a time to connect with a financial institution, with Laurel Road, can refinance ... can deliver an advance from a financial standpoint. Could it reduce your monthly payment? Could it save you money overall in interest? So, really sort of pausing, reflecting on when's the last time you've refinanced or purchase and if you haven't done so in the last year or two, see if there's an opportunity to save money, reduce the monthly payment or pay off your loan faster.