The Good And Bad News On Interest Rates
Here is a great script from www.mortgagemarketguide.com. They state to copy and paste it but I never want to lead someone to believe that I wrote something that I didn’t.
I have good news and bad news…which do you want first?
OK – here’s the good news. Interest rates are at historic lows, making it possible for many homeowners to refinance and improve their financial position – and combined with homes listed currently at bargain prices, those who are in the market to buy are able to purchase the home of their dreams and get a great deal.
Here’s the bad news. All lenders and investors in the US have been completely slammed by with the recent increase in loan applications – right at the time that many have laid off staff to save money in a challenging economy. This means that timeframes they need for underwriting, approvals and closings have become longer than normal. It also means that some companies actually have chosen to raise rates, just to slow down the volume to a manageable level.
But wait – there’s an answer. I know how to plan ahead and be smart, so that we can keep your rate protected. We may want to consider a longer lock in period than we might normally utilize, just to ensure that your loan will be processed, underwritten, approved and closed in this extremely volatile climate. I will also ask that you respond quickly when I request information or documentation, as the faster we can get your file submitted and approved, the better off we are to keep your rate protected.
The best news is that we are working together – and as always, I encourage you to get in touch with me with any questions you may have at this time!