MORTGAGE NEWS - PHOENIX

Here’s what’s happening in the lending business 

these days.  While interest rates are at historic lows it seems that money is still somewhat hard to come by.  February saw a tremendous increase in applications for refinancing.  However, many homeowners are still running up against roadblocks from banks.  Does anyone else think that the banks are all laughing at us once we leave?  

Apparently, it is still difficult to get the banks to loan money even though they’ve gotten lots and lots of it from the government — no wait, from us!  What are they doing with it?  Investing?  Putting it away for a rainy day?  

I digress.  Perhaps you are one of the lucky ones who is able to get some of that cash.  But, there are many who are not getting too far.  I know that there are people out there with stellar credit and they are having trouble.  

Until the financial institutions are willing to give up the green we will continue to see slow recovery from this meltdown.  Hang in there…..better days are ahead.  And, remember cash is king….this is still a great time to buy and lest we forget about FHA!