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

Written by Posted On Thursday, 12 March 2020 10:56

Mortgage rates have fallen to their lowest rates in modern U.S. history this past week due to the fears that the coronavirus is weakening the U.S. economy. Usually, lowering mortgage rates stimulates home sales.  However, with “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. Further, 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 cancelled 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%. Now, a recession is brewing as we stop going to restaurants, movies, and concerts.

2 percent growth

With less revenue and spending, companies will then start laying off employees. Then, others 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 the refinancing if the rates drop to 3.25%  according to the data firm Black Knight. Currently, the average rate of a 30-year fixed loan fell to 3.29%. 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% 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

Oppenheim Law
2500 Weston Rd #404
Fort Lauderdale, FL 33331
954-384-6114

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Roy Oppenheim

From Wall Street to Main Street, Roy Oppenheim is a successful serial entrepreneur and attorney focusing on Florida real estate, foreclosure defense, loss mitigation and Internet ventures.

 

He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida.

 

Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.

 

In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind.

 

In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President. In 1999, Mr. Oppenheim served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange.

 

Growing up in the Bronx, Mr. Oppenheim learned to be focused on success and driven to always persevere for opportunity.

 

In 2009, he started the South Florida Law Blog, which was voted the best business and technology blog by the South Florida Sun-Sentinel. He also serves as an expert witness on title industry practices.

 

Mr. Oppenheim has also authored two law review articles with Jacquelyn Trask; namely, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6.

 

Today, Mr. Oppenheim is a sought-after legal expert on issues relating to the real estate crisis and beyond. In addition to his own blog, he also has been a contributor to Yahoo! Homes, and featured on HuffPost Live, FOX News, and Lifetime TV. In addition he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim also understands the power of social media, and can be found on a variety of social media platforms.

 

Mr. Oppenheim also speaks fluent German.

 

Admissions

 

  • Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section
  • New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987
  • U.S. District Court, Southern and Middle Districts of Florida, 1993

 

Education

 

  • Princeton University, A.B., cum laude, 1982
  • Northwestern University School of Law, J.D., 1986
    • Member of the Northwestern University Law Review
    • Member of the National Moot Court Team

Original source:  https://www.oppenheimlaw.com/who-we-are/meet-our-team/roy-d-oppenheim-esq/ 

https://www.oppenheimlaw.com

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