Low Rates Amid COVID-19


The Coronavirus (COVID-19) Pandemic has left no business or industry untouched. While Americans and the rest of the world attempt to adapt to a “new normal” by easing back to work and acclimating to the changes brought forth, one thing that has been beneficial to prospective homebuyers and homeowners alike is a significant drop in mortgage interest rates. But what do lower interest rates mean to homeowners?

What Low Rates Mean for You

Low interest rates mean significant savings for mortgage borrowers. For those who are looking to purchase their first home or a new home, low interest rates mean their monthly mortgage payment may be significantly lower in a new home than before.

For those who currently have a home loan or mortgage servicing with Colonial, you may also be able to take advantage of today’s low rates as well. Here’s how refinancing your current mortgage may benefit you:

  • Reduce your monthly payment
  • Eliminate Private Mortgage Insurance (PMI)
  • Reduce your term
  • Get access to cash to consolidate debt or pay for other expenses

We Appreciate Your Patience

Because mortgage rates are so low, many borrowers are looking to purchase a home or refinance their current mortgage. While Colonial is working hard to accommodate the needs of all potential borrowers, the influx in applications nationwide is having an effect on mortgage processes throughout the industry. Colonial is here to assist you with the same award-winning customer service you have come to expect, and we appreciate your patience at this time.

Apply Online to Get Started Today

Did you know you can apply online anywhere, anytime in as little as 15 minutes? With Colonial’s Online Application, you can! Find out how you can take advantage of today’s historically low rates by visiting GoColonial.com/ApplyNow to fill out an application today and get one step closer to taking advantage of today’s historic low rates!

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