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 Government has initiated buying the mortgage-backed securities as of this week and has reduced rates further. This has contributed even more to the mortgage finance business and has added to the struggle lenders are currently experiencing not long after the financial downturn forced lenders through a layoff period.
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.
The sudden drop in rates is proof enough the mortgage finance surge has found lenders under-prepared during a time when they could really maximize on the opportunity to make up for the lull in previous months. With unexpected delays in applications following up with prospective customers, understaffed lenders scurry to service consumer requests for mortgage refinance.
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.
Now is a good time to be in touch with connections directly related to the lending industry or connections with a real estate agent that can act as a liaison between the lender and customer looking for a mortgage refinance. Keep in mind there is a good possibility the lender may not reply at all to the message or when the online application was submitted. With business booming for lenders, it would be smart to pursue and secure that magic number before it is lost.
The Government has initiated buying the mortgage-backed securities as of this week and has reduced rates further. This has contributed even more to the mortgage finance business and has added to the struggle lenders are currently experiencing not long after the financial downturn forced lenders through a layoff period.
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.
The sudden drop in rates is proof enough the mortgage finance surge has found lenders under-prepared during a time when they could really maximize on the opportunity to make up for the lull in previous months. With unexpected delays in applications following up with prospective customers, understaffed lenders scurry to service consumer requests for mortgage refinance.
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.
Now is a good time to be in touch with connections directly related to the lending industry or connections with a real estate agent that can act as a liaison between the lender and customer looking for a mortgage refinance. Keep in mind there is a good possibility the lender may not reply at all to the message or when the online application was submitted. With business booming for lenders, it would be smart to pursue and secure that magic number before it is lost.
About the Author:
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.
posted by Debt Consolidation Loan at
1:04 PM
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