September 22, 2011
Mortgage Rates Are at an All-Time Low
Good news was announced this week in a number of reputable papers about efforts of the Federal Reserve to lower mortgage loan costs. These efforts have resulted in steady rates that are not going up according to Business Week. Business Week is now owned by Bloomberg, so you can find the same analysis of the actions of the Fed here. Fox News states that these rates are at an all-time low, and they are correct! However all is not good news in the world of lower rate mortgages.
Challenges for Borrowers
An article in the Wall Street Journal Blogs warned of difficulties in refinancing that can be attributed to banks being more risk-averse. After the sub-prime mortgage fiasco, the unwillingness of banks to extend credit with these new lower rates is a natural market reaction. That does not mean that refinancing, mortgage modifications, and new mortgages are impossible to get, it means that there will be significant bureaucratic barriers to any new financing or changes in existing loans.
Getting New Home Loans, Mortgage Modifications, Second Mortgages, Refinancing Today.
This is very difficult to do on your own in the current climate of careful banks and private mortgage investors who have no interest in seeing anyone get these new rates, rather they concentrate on servicing the existing loans with their higher margins, or they will simply pursue foreclosure in the case of many who would normally get refinancing or modifications. With the losses banks incurred, combined with the smaller margins that they can make by lending you money at these new lower rates. Call us today to discuss all of your options, and if needed we can refer you to the best people for the job.
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