Experts Warn Homeowners To Refinance Sooner Than Later
HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION, TIPS FOR BUYERS, TIPS FOR SELLERS
March 14th, 2009
The New York Times reported that mortgage professionals are losing hope the government will subsidize low interest rate loans to aid homeowners anxious to refinance unaffordable loans.
Many homeowners have been on the fence waiting for the government to implement a program that would buy interest rates down to 4%. Realtors and builder groups have suggested the federal government consider using a portion of the bailout money to subsidize lower interest rates for home owners and home buyers. Instead, the Obama administration has focused on loan modifications for homeowners at market rates (currently between 5 to 5.5%) and a federal tax credit of $8,000 for first-time buyers.
In the meantime, it is getting risky for those playing the waiting game because property values continue to drop and lending standards continue to tighten. Their advice-refinance now before it’s too late!
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
