We at William Raveis Mortgage (WRM), would like to share some good news amidst the uncertainty that we have all been experiencing the past month. Like so many around the country, and within our nine-state Raveis footprint, the team at WRM has hunkered down and is rooted in our new work-from-home world. While we continue to practice social distancing, we are still working together to achieve the best financing possible for our clients.
As a family-owned company, William Raveis Real Estate, Mortgage & Insurance is more committed than ever to assist during these challenging times. We are dedicated to making sure our clients can realize their home dreams, and loans are closed as fast and as efficiently as they can be.
We are pleased to announce that refinancing efforts in the first quarter of 2020 will collectively save our customers tens of millions of dollars in interest over the life of their loans. This results in more money in our clients’ pockets as they weather this storm. In a few weeks, when the country starts to open, it also provides the opportunity for people to spend and help the economy start moving again.
In addition, March was our best March in history: We closed nearly $80 million in loans. We were able to help many families obtain financing and take them one step further down the path to their new home.
Our March WRM overview:
- Nearly 60% of loans were dedicated to home buyers. The remaining 40% helped families reduce their rate, term, payment or both.
- Nearly 50% of all loans cleared to close on an average of 21 days or less.
- Our overall average clear-to-close time was 28 days.
With interest rates progressively falling over the last year, 30–year fixed rates mortgages have reached levels close to the historic lows of 3.31% seen back in 2012. The graph below provides a visual of the average interest rate on 30-year fixed mortgages since 1972.
Our mortgage division has not skipped a beat. We are working remotely and available to help potential homebuyers navigate this process and secure the best option, as always.
As we find ourselves in unprecedented and difficult times, we also want to make sure we acknowledge the hard work of our sales and operations teams and the perseverance of our clients. One thing we know for certain: we are resolute in our commitment to achieve our clients’ closing goals and ensure everyone benefits from a first-rate mortgage option.
Since January, our finance team of mortgage bankers and insurance representatives have saved our clients over $20 million in mortgage interests and insurance premium expenses. This means more money in our clients’ pockets for all the essentials. If you would like to consult with our team of professionals at William Raveis Mortgage or William Raveis Insurance to determine if your expenses can be lowered, please call or email me: firstname.lastname@example.org.
I am also pleased to announce our commitment in the month of April. For every refinance application submitted within the month, William Raveis Mortgage will donate $100 to the United Way in order to help families and people in need.
We are strong, we are purposeful, and we are powering through. Together.
By Frank Kolb, SVP of Coaching & Strategic Growth, William Raveis Mortgage