Now is the time to consider residential financing
Posted on Wednesday, October 17, 2012 at 11:44:00 AM
For the last few years, the economy has been in a slump, and a lot of people felt that the time was too risky to be buying real estate or getting home improvement loans. Much of the cause for the recession was blamed on the housing market in the first place, making lenders and consumers alike weary of these investments.
That sentiment has changed finally, as Reuters wrote, with the Mortgage Bankers Association (MBA) showing strong indicators that the housing market is favorable once again. The source found that MBA figures on home loans from banks and other asset allocations to the residential sector have been steadily increasing over the last few months. While some areas saw a slight fall in demand, the overall health of the lending industry for home loans is strongly favorable.
Adding to this emphasis, Mercury News stated, is the fact that savvy shoppers are finding much lower interest rates on home financing than they previously expected. Both fixed and flexible term loans have descended to basement figures, with terms at a point not seen since the industry started recording trends over 40 years ago.