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Whiplash

March 24, 2020

Believe it or not, we started the year quite smoothly. Yes, we were expecting some excitement due to the fact that we had a Presidential election coming our way. Little did we know that the primaries would take a back-seat to something much larger. It took just a few weeks to go from a smooth ride to one of the biggest roller coasters in history. If you are keeping score here is what we have thus far–

After hitting record highs this year, the stock market has had record one-day increases and decreases — right after one-another. Overall, we have seen a retrenchment of over 25% in the major indices reached within days after the latest moves by the Fed. Obviously, actions by the Federal Reserve have not calmed the markets. Not to be outdone, oil prices and interest rates have also plunged. Oil has moved down well over 50% from recent highs and now we have gas prices we have not seen for years. Refinances are soaring in response to lower interest rates, though mortgage rates have been very volatile. Finally, gold prices have been very volatile as well.

The Fed followed their emergency rate cuts with a press conference in which Chairman Powell said the Fed would be patient before lifting rates again. “We will maintain the rate at this level until we’re confident that the economy has weathered recent events and is on track to achieve our maximum employment and price stability goals,” Powell said. Even if we don’t have a huge pandemic here, our economy will be affected by the preventative measures in place. The only question is — how bad will it get? The good news is that we have one of the stronger world economies going into this crisis, giving us some cushion. Let’s hope the effects are fairly short-lived so we can get off this roller coaster quickly. 

Source: Origination Pro

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Amerimutual Mortgage is located in Astoria Queens NY.

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Testimonials

Ninfa Brusca

Philip and Benny Loria were very knowledgeable and professional. They exceeded all our expectations and were a pleasure to work with. They were both were just genuinely nice guys. They listened to all our concerns and did everything in their power to accommodate our needs and make feel comfortable throughout the whole mortgage process. I recommend Amerimutual Mortgage to anyone who is looking for a mortgage.

Tuckahoe, NY

Joe D.

Philip Loria made the mortgage process quick and easy, and also found ways to save us money. He was always on top of things, very accessible, and his communication is top notch. I will recommend Philip Loria and Amerimutual Mortgage highly to any of my friends, family or colleagues.

Long Island, NY

Lenny P.

Richard, I wanted to thank you for all your help and hard work. I am so glad our refinance was a success. You were very diligent and dedicated to getting me the best rate possible. I truly enjoyed working with you and will recommend your services to all our friends and family.

Rye, New York
Occupation: Real Estate Development

Nick Tsatsaronis

Philip Loria, assisted me with my refinance. Thank you so much for all of your time and hard work. You made refinancing my house easy and stress free. I wouldn’t recommend anyone else. I will definitely use Amerimutual Mortgage for any future needs, and recommend them to anyone who needs a mortgage.

Flushing, NY

Vincent M.

I can’t express enough my gratitude to Richard Jamesley for walking me through the whole refinance process and keeping me informed every step of the way. Richard explained every step in detail, was very communicative, diligent, and prompt. We would definitely recommend you to our friends & anyone needing a mortgage.

Whitestone, NY
Occupation – Contractor

Dominick P.

Being a first time home buyer, the process was very foreign to me. Richard Jamesley could not have been more helpful and patient along the way. He explained every step in detail, was professional, straight to the point, and helped me with all aspects of buying my home. He was always there to answer any of my questions. Not only did he make the process quite easy , he helped to get me a great interest rate. I recommend Richard Jamesley without reservation. Amerimutual Mortgage will be my first and only call if I buy another house.

Bayville, Long Island, NY

Salvatore L.

Philip, I would like to thank you for carefully walking me through the loan process and calming my fears and uncertainties. Philip was very professional and his expert advice was critical to my success. You went above and beyond and kept me well informed. I highly recommend you and your company to everyone seeking financing for their property.

Beechhurst, NY
Occupation – Real Estate Manager

Rocco Buffolino

As a first time home buyer it was nice to have people as helpful as Philip Loria and Benny Loria. Our experience was wonderful. Philip was very knowledgeable, professional, and demonstrated an expertise which put us at ease during the purchase of our home. He took the time to answer all our questions and we feel he went above and beyond for us. I highly recommend Amerimutual Mortgage.

Westbury, New York

Carol Gudura

Richard Jamesley was a pleasure to work with. He is very smart, helpful and just willing to help in any way he could. Richard helped walk me through each step of the process and kept me well informed. He is a true asset to you company.

Malba, NY

George Poulakis

My refinance experience with Amerimutual Mortgage and their affiliates was above expectations.  Amerimutual Mortgage knows what they are doing and provides excellent customer service. Thank you all so much for all of your time and hard work.

College Point, New York
Occupation – Electrician

Eli N.

Benny and Phil were great to work with! they assisted us in every aspect of the process even when it wasn’t their job. They explained every step and guided/advised us on the best course of action. Their fees were more than fair and their integrity was at a level far above ANY lawyer or mortgage broker we have ever dealt with.

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