This morning my alarm went off and as I am lying there trying to decide if I really want to wake up, the morning show crew begins a dialog. Guess what that dialog is about? You guessed it, one of them is refinancing his house!
Well immediately I am up, (the quickest I have got up out of bed in a very long time) he starts by saying that he doesn't think that lenders are lending money because it is taking so long to get his easy refinance of his first and second that is under 80% completed.
I want to say- THERE IS MONEY AVAILABLE TO LEND. There are many reasons why loans are taking longer right now. Appraisers, and lenders have quickly been hit with a surge of loans with the blessing of lower rates so with that surge comes growing pains. Many lenders had laid off so much of their staff that they were running on skeletal offices. There wasn't a fore-warning that these low rates were coming so they couldn't beef up their staffs and hope it would be here. A typical refinance is taking 30-45 days to close currently.
So what did I do? I actually call in and talk to the morning show host and educate him on these challenges that lenders are facing and also share with him my opinion that I do think rates will come down in the next few weeks after lenders are through with this little surge of business. I do let him know that there is money to lend, plenty of money. Rates are great so now is the time to buy or refinance a home. The opportunities are endless!!
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