Rates are low and there are many programs to allow homeowners the opportunity to lower their monthly payments and buyers to buy homes. So that's good right? Yes, but be prepared to spend some time to get the rate you want especially if you are refinancing.
You are not alone, many borrowers are trying to accomplish their dream of a rate in the 3+% range lenders, title companies, appraisers, inspectors, etc are all busy. It is important to note that the priority is to close the loan for a purchase above the loan for a refinance. Having said that, many of the low rate lenders are quoting 20 day turnaround times that is 20 business days. The file must be complete and have the finished appraisal to be submitted. Turn times change daily as the work load changes so be patient.
The fear is often that rates will increase and one will “miss out”. Most experts are predicting lower rates or no change in rates until mid 2013. Often times, files placed in underwriting are seeing lower rates than they would have, if they had locked loans at two to three weeks ago so “time is on their side”.
It is important to note the trends over the years. Just like gas prices go up right before Memorial Day and Labor Day, rates go down in the fall and early winter. The best advice Now is the time to complete the loan file to be prepared to take advantage of the trends as well as the daily lows that occur each week. Good things come to those who are patient and observant.
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