Last Updated on October 20, 2022
Company closed more than 200 loans in NC and SC totaling nearly $52 million
Allen Tate Mortgage, a division of the Allen Tate Family of Companies, experienced a record-breaking month in June, thanks to historically low interest rates and a pent-up consumer demand for homes in North and South Carolina.
The company closed 209 units totaling $51,807,312 in June – roughly double the amount of an average month, said Chris Cope, president, Allen Tate Mortgage.
As an in-house mortgage company specializing in home purchase loans, Allen Tate Mortgage partnered with Allen Tate Realtors® to get their buyers pre-approved for loans and close their loans faster than other lenders.
Beginning in March, Allen Tate acted swiftly to adjust business practices to allow for virtual showings, remote work arrangements and other safe strategies that adhered to shelter-in-place restrictions.
“We were nimble and focused, and we continued to help our clients who wanted and needed our help,” said Cope. “We saw many purchase loans close in May and June as a result.”
Despite COVID-19 restrictions, the demand for homes combined with low interest rates have made for competitive markets throughout the Carolinas.
“As our homes became our workplace, our school and our social environment, we looked at them with a new perspective,” said Cope. “For some people, spending a lot of time at home turned into reasons to want a different home.”
Allen Tate’s partner, Howard Hanna Real Estate, also experienced a record month for mortgage financing in June. Howard Hanna is the No. 1 independent real estate broker in the country, with more than 300 offices across 10 states, and more than 11,000 sales associates and staff.
“The pent-up demand and historic low interest rates have combined to make lots of buyers that want to buy now, and they want to work with local lenders,” said Duffy Hanna, esquire and president of Howard Hanna Financial Services.
“Because mortgage rates, fees and services can vary so much by region, a local mortgage company is the key to ensuring home buyers make an informed mortgage decision and a successful, on-time closing,” Hanna added.
NMLS#1433719 Loans available in NC and SC.