Is This The Golden Age of Refinancing Home Mortgages?Article Posted by Expert Author: Tony Caro on 04/08/2013
Is this the golden age for refinancing home mortgages? According to MSNBC /Bloomberg Business Week, it seems that the past two years have seen the greatest booms in home mortgage refinancing in recent history. Shockingly, this has led to many refinancers becoming backlogged as they are unable to handle the huge surge in applications flooding into their offices. The stats really are eye-opening. Fairway Independent Mortgage reports a 20% increase in refinancing was experienced in 2011. Lenders do have to be mindful is this surge does not automatically mean approvals will be guaranteed. The underwriting has become a lot stricter and so have the disclosure requirements. Those wishing to refinance their home mortgage do need to take all this into consideration and realize they might not be able to get immediate processing of their application. However, the goal is always to be finding the best home mortgage refinance rate as opposed to the quickest one. As such, delays may be worth it if the delays lead to getting procuring better terms.
As the economy recovers, a balance will most likely be struck between stricter rules that protect the economy, the lending institutions and consumers, and venturing out into more lending that will generate growth. So stay tuned for the refinance home mortgage industry to become much more robust in the near future.
Article Posted In: Industry News Refinance Home Mortgage