Altabanking episode 8 with Ben Pack

May 1, 2020

Ben Pack – Altabanking Interview KSL Radio Transcript:

Segment title: Low Rates Mean It’s A Perfect Time To Refinance Your Home

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ben Pack is President of the Mortgage Division at Altabank. And Ben, with some close to all-time low interest rates currently available, refinancing a home right now seems to be very attractive. What are some of the challenges people looking to refinance are facing right now?

BEN: Thank you Grant. You know, it’s been a pretty exciting year so far. We’ve never seen the markets react and move the way that they have this year. The Mortgage Industry has had record application volume, which is great but it does pose challenges. One of the biggest is availability of liquidity and funds to fund loans. Even big banks and brokers are quoting people 60 to 90 days to get a deal done. That’s one of the advantages that Altabank has. We are the underwriter. We have full control. We can still get deals done in under 30 days.

GRANT: Are these challenges specific to the big banks and mortgage brokers?

BEN: You know, it’s actually an industrywide challenge right now that everybody is facing. But like I said, as the underwriter, as the lender of record, we control interest rates, we control turn times, we do everything we can to simplify this process and make it as quick and easy to save all of our customers as much money as possible.

GRANT: So, here’s the question that I want answered. With so many refinance applications being completed, is it too late for a homeowner to apply?

BEN: You know, right now is the perfect time to apply. We have new technology on phone apps and on our websites that make it simple and easy. With values at all-time highs and rates at all-time lows, this is the best time to save money and to get things going

GRANT:  Ben, thank you very much. This has been Altabanking. Brought to you by Altabank. Member FDIC. Equal Housing Lender.