THE DAILY RAMBLE: NY Times: Want To Refinance Your Home? Better Have Great Financials! Time Is Running Out On Current Low Rates.
The stringent rules on refinancing is not so different from those on obtaining a new home loan. banks are still gun shy, and tend to overcompensate when underwriting new deals. Too loose when times are good, too tight when times are not so good. It has always been this way, and ultimately we have to wait it out and for the banks to come to their senses and their own self interest: making money! Be sensible, be smart in your lending, but lend!
Realtors have been preaching for some time that the window of low rates was growing shorter. No one listens of course; but I think now that we are approaching the new year that may change. There may be a mini “bubble’ this spring as buyers and refinancers try to lock in the current historical low rates. Realtors will have to guard against inflating prices (which still will not appraise), and continuing to qualifying their buyers carefully. There will be a lot of anxious moments, and it will be the Realtor’s job to keep things flowing smoothly.
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Click the link below to read the entire article:
http://www.nytimes.com/2009/12/13/business/economy/13rates.html
