Mortgage Refinance Surge Tips for 2009
Mortgage Refinance has created a surge in the lending business, somewhat unexpectedly and during uncertain economic times. Rates have dropped below 6% when the Federal Reserve made the decision to buy mortgage-backed securities to stimulate consumer financing once again.
The purchase of mortgage-backed securities has started taking place as of the second week in January of 2009. This has spurred a wave of activity for the mortgage finance business, also adding to the workload lenders are currently experiencing after the Fed's announcement in November of 2008.
Some contacting lenders for mortgage refinance have been unsuccessful in speaking to anyone directly. And with some left only with the option of leaving a message for a return call, this has frustrated consumers even more as they are unable to simply leave a message as lender mailboxes and voicemail are unable to support the volume of callers.
Other department employees experienced in finance within the lending institutions have been temporarily transplanted to handle the increasing mortgage refinance applications. The anticipation of rates climbing and back to their previous position has created a sense of urgency in people looking to refinance. It is possible to see change from hour to hour after tracking the history of rates over the past years so the concern is understandable.
To make up for a shortage in staff, people from other departments experienced in finance within the lending institutions have been transplanted to handle the increase in mortgage refinance. The possibility of rates going back up has created a sense of urgency and worry. As we know the history of fluctuating rates, it is possible to see change from hour to hour.
When a consumer is told it could be two weeks before they can get back to you about mortgage refinance, I believe the best advice to give in this situation would be to contact as many lenders as it takes. Be in touch with someone that can actually get to the point of locking in the rate quicker than the rest, without compromising everything else that encompasses processing the loan.
When a prospective customer is told to apply on the Web after finally getting through to a live person, it becomes obvious it is time to be a little more aggressive in approach. For those consumers that do manage to reach a lender it would be wise to know the most recent rate available. Some online lending sites have not posted the best rates for fear of being bound by them.
It would be wise to know the most current rate available, as some online lending sites purposely do not post the their rates just in case they should change. If it is obvious that going through the trouble of getting to a live person is not getting anywhere, take a different approach as soon as possible.
The purchase of mortgage-backed securities has started taking place as of the second week in January of 2009. This has spurred a wave of activity for the mortgage finance business, also adding to the workload lenders are currently experiencing after the Fed's announcement in November of 2008.
Some contacting lenders for mortgage refinance have been unsuccessful in speaking to anyone directly. And with some left only with the option of leaving a message for a return call, this has frustrated consumers even more as they are unable to simply leave a message as lender mailboxes and voicemail are unable to support the volume of callers.
Other department employees experienced in finance within the lending institutions have been temporarily transplanted to handle the increasing mortgage refinance applications. The anticipation of rates climbing and back to their previous position has created a sense of urgency in people looking to refinance. It is possible to see change from hour to hour after tracking the history of rates over the past years so the concern is understandable.
To make up for a shortage in staff, people from other departments experienced in finance within the lending institutions have been transplanted to handle the increase in mortgage refinance. The possibility of rates going back up has created a sense of urgency and worry. As we know the history of fluctuating rates, it is possible to see change from hour to hour.
When a consumer is told it could be two weeks before they can get back to you about mortgage refinance, I believe the best advice to give in this situation would be to contact as many lenders as it takes. Be in touch with someone that can actually get to the point of locking in the rate quicker than the rest, without compromising everything else that encompasses processing the loan.
When a prospective customer is told to apply on the Web after finally getting through to a live person, it becomes obvious it is time to be a little more aggressive in approach. For those consumers that do manage to reach a lender it would be wise to know the most recent rate available. Some online lending sites have not posted the best rates for fear of being bound by them.
It would be wise to know the most current rate available, as some online lending sites purposely do not post the their rates just in case they should change. If it is obvious that going through the trouble of getting to a live person is not getting anywhere, take a different approach as soon as possible.
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This article is brought to you by the experts at EFD Commercial Investments Inc. For more free information about loan refinance,visit their Mortgage Refinance page.
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