Mehran Aram, advises refinance-seeking borrowers to act fast:
“Apply for a refinance with a trusted local mortgage professional ASAP. Gather all your income, credit and asset related documents and be prepared to provide more documents, as lenders may ask for more in today’s market. With fixed mortgage rates at all time lows, lenders are overwhelmed with loan volume and the process is slower because of that heavy volume. So the sooner you begin the process the better.
These rates will not stay this low. Better economic data, higher stock prices and some promising news out of Europe regarding a possible solution to their fiscal crisis have already pushed rates up by about .125 to .25%, depending on the loan program, over the past two weeks. If the election results in more pro-business policies and an economic rebound with Romney or Obama, there could be more upward pressure on mortgage rates, especially if we see any hint of inflation. I am watching the election very closely. What’s good for America and for the overall economy is often bad for interest rates, which are at record lows because of all the bad news. As the economic news improves and the situation in Europe stabilizes, the window of opportunity for home buyers and home owners taking advantage of record low mortgage rates will begin to close as interest rates begin to rise.”
Click Here to read more from the article: "I keep hearing mortgage rates are the lowest they’ve ever been. Why can’t I get a refinance at a rock-bottom rate?" By AMELIA with www.nerdwallet.com
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