In the midst of the COVID-19 (coronavirus) outbreak, we’re getting a lot of calls and questions from our current and past clients wondering how all of this will impact their mortgage. The mortgage market has seen some really unexpected things take place.

For instance, when the economy slows down, people move investments into bonds like mortgage backed securities (MBS) which typically results in lower mortgage rates. However, in today’s environment, the move to bonds is not having that direct impact on rates.

Given the economy volatility as a result of the economic slow down caused by the coronavirus and the associated quarantine efforts, the markets just aren’t behaving as we would expect. While even more of a slow down is expected along with more unemployment, history tells us that the market will stabilize. The question is simply when.

One thing we expect to happen once the market does stabilize is that mortgage rates will return to very low levels. As a result, there will be a huge opportunity for refinancing to lower the monthly mortgage payment. When that happens, many mortgage companies and lenders could be overwhelmed by this influx and won’t be able to service these requests.

The biggest piece of advice we are giving to homeowners is to get in line. What we mean by that is get all of your financial information together, supply it to your mortgage lender and do so as soon as possible. While your particular situation might change, you will be much further along in the process to take advantage of the lower rates.

Introducing The Omega Vault

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There are many ways to “get in line” for your refinance, but one of the best ways to do that is to house your financial information in a secure platform that you can share with your mortgage provider in order to help you secure your refinance. This is why we are now offering homeowners a new tool called The Omega Vault.

The Omega Vault, in partnership with FinLocker, offers you a place to securely store your credit report, monitor your credit, search for real estate and receive updates on your property. The data you supply in the Omega Vault is owned and controlled by you. You will be able to share particular pieces of information to an Omega loan officer. This will allow us to streamline the refinance process, allowing you to effectively get in line for your refinance.

Given the unprecedented volatility with mortgage interest rates, it is critical you put yourself in a position to take advantage of market shifts that allow you to lower your rate, payments or terms.

Our partnership with FinLocker, gives us the documentation needed to begin your refinance transaction when the time comes. You can also enroll all of your financial accounts which will help you in tracking and budgeting your personal finances. The Omega Vault also offers a free credit report in the locker, including credit score, monitoring, alerts and more.

If you already own a home, you can enroll that property and track the value as well as those recently sold near your home. Enrollment is simple and secure. The Omega Vault, powered by FinLocker, employs modern bank-level security ensuring that your data is always safe.

The good news is that there are things you can do to get ready for any drastic shifts in the market. The Omega Vault is free to use, and your information is completely private unless you give permission to our loan advisors to view it. If you have any questions, don’t hesitate to contact us.