As the worst storm in 30 years tore through the Midwest, the foreclosure tornado continued to sweep across the housing industry. Clean up in the
Selling through the current economic “Yin-yang”
(The coherent fabric of nature and mind, exhibited in all existence)
It is interesting how there always seem to be two sides to every economic rebound. One recent effect of increased real estate market activity is a gradual increase in long-term mortgage interest rates. After bottoming out this past March in the vicinity of 4.5% for a 30-year fixed loan, the current and still historically low rate of 5.5% seems inflated to increasingly price-sensitive consumers. As a result, homes sales and refinancing are being impacted, albeit only slightly.
We are surely at historic lows in mortgage interest rates and there is much to be gained by refinancing your home mortgage, but accomplishing this requires a systematic approach and a careful attention to detail. The new economy has brought with it a heighted sense of risk and banks may require some convincing before opening up the money gates. There are a number of things to be aware of that, if understood, will help to make your loan application process smoother and more successful. I hope that the following ideas are helpful.
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