4% Mortgage Rates?
Obama passed the Stimulus Package.
$7,500 tax incentive to purchasers.
Proposed government subsidized mortgage rates.
So what if?
When the mortgage interest rates are 1% lower than the rates of borrowers that refinanced during the last re-finance-mania in early 2000,s many will jump at the chance to lower their rates, again.
When the mortgage rates are lowered to the mid 4%'s purchasers will begin to buy.
When the mortgage rates are lowered to the mid 4%'s borrowers needing bail out will activate applications for reduced principal and interest payments. The housing market will rebound and all will be good!
Well, then what? Lets think with a bit of logic.
Hundreds of lenders have gone out of business. Thousands of loan originators have moved on to new jobs. My question, who will handle the new business volume?
I'm not saying this will not be beneficial for our economy, I believe it can be, but think of it.
In the hay day of re-finance-mania underwriting took up to 90 days or more. That was when mortgage lending firms were at full staff. Underwriting is already bogged down taking double the time as last month. Seven not 3 or 4 days in underwriting, 2-3 not 1-2 days for additional underwriting requests, and 2-3 not 1-2 days for lender closing department. Logic tells me, the current work force may not efficiently handle a boom.
How can you benefit? If you are considering a purchase or refinance please apply now. Get all your documents to your lender now. Have the lender submit your application to underwriting now. Hold off on ordering your appraisal as they are only good for 60 days now. Get underwriting approval now so you can move quickly when the rate you are waiting for becomes available. Position YOURSELF FOR SUCCESS by being in line, on the top of the pile of files, before the unprepared submit their applications.
And if your credit needs tweaking to arrive at the current magic fico credit score of 700 to 740 or above - get your free (the only free credit report) credit report @ www.annualcreditreport.com a.s.a.p. Then, if your scores are not excellent, go to www.minocquamortgage.com for the Top 8 Credit Repair Tips and get after it! Save Yourself Thousands!
I am here to teach you and keep you informed about current market conditions - give me a call with any questions you have. And if you have comments you wish to share, I will post them for others to review. LETS BE PREPARED - PREPARED FOR SUCCESS!
$7,500 tax incentive to purchasers.
Proposed government subsidized mortgage rates.
So what if?
When the mortgage interest rates are 1% lower than the rates of borrowers that refinanced during the last re-finance-mania in early 2000,s many will jump at the chance to lower their rates, again.
When the mortgage rates are lowered to the mid 4%'s purchasers will begin to buy.
When the mortgage rates are lowered to the mid 4%'s borrowers needing bail out will activate applications for reduced principal and interest payments. The housing market will rebound and all will be good!
Well, then what? Lets think with a bit of logic.
Hundreds of lenders have gone out of business. Thousands of loan originators have moved on to new jobs. My question, who will handle the new business volume?
I'm not saying this will not be beneficial for our economy, I believe it can be, but think of it.
In the hay day of re-finance-mania underwriting took up to 90 days or more. That was when mortgage lending firms were at full staff. Underwriting is already bogged down taking double the time as last month. Seven not 3 or 4 days in underwriting, 2-3 not 1-2 days for additional underwriting requests, and 2-3 not 1-2 days for lender closing department. Logic tells me, the current work force may not efficiently handle a boom.
How can you benefit? If you are considering a purchase or refinance please apply now. Get all your documents to your lender now. Have the lender submit your application to underwriting now. Hold off on ordering your appraisal as they are only good for 60 days now. Get underwriting approval now so you can move quickly when the rate you are waiting for becomes available. Position YOURSELF FOR SUCCESS by being in line, on the top of the pile of files, before the unprepared submit their applications.
And if your credit needs tweaking to arrive at the current magic fico credit score of 700 to 740 or above - get your free (the only free credit report) credit report @ www.annualcreditreport.com a.s.a.p. Then, if your scores are not excellent, go to www.minocquamortgage.com for the Top 8 Credit Repair Tips and get after it! Save Yourself Thousands!
I am here to teach you and keep you informed about current market conditions - give me a call with any questions you have. And if you have comments you wish to share, I will post them for others to review. LETS BE PREPARED - PREPARED FOR SUCCESS!
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