Mortgage brokers and lenders have been busy this week. The good news is that borrowing is getting cheaper, unfortunately not easier. The same is true for developers that have existing, performing loans with lenders with the drop in the prime lending rate. With the 10 year treasury note around 2.10%, the market for conventional fixed rate mortgages has been restarted. However, many senior homeowners that would like to refinance are nervous about their home values and the costs to have an appraiser give them news that possibly they are not prepared to hear. Others that once may have been eligible, find themselves locked out of refinancing their debts as their credit scores have dropped from missed payments on mortgages, credit cards and car loans along with increasing debt loads. For those who have significant equity, a steady fixed income from pensions and retirement accounts and reasonably good credit are taking advantage of this drop. Sounds different than what you hear on television about people refinancing? The good news is that if mortgage rates remain where they are at or go lower, this may provide incentive for buyers to purchase a large home based upon lower interest rates.
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