This morning, we closed on a mortgage refinance, which we did partly because of the lower rates, but mainly to consolidate the initial mortgage and a credit line that we opened a number of years back to do some work on our house (hardwood floors, new HVAC, other stuff).
Anyway, the attorney helping us does this sort of thing all the time. (Over the years, we’ve been through this process with him — closing on a house or refinancing — at least three times.) My wife asked whether he’s keeping busy with these low rates.
Not really, he said. Oh, the demand is way up, all right. The thing is, though, about half of the loans aren’t getting approved.
Before, credit was too loose, which got us into trouble. Now, it’s too tight, which makes it harder to get out of the trouble. He said there are those who hoped real estate would lead us out of these hard times. But not at this rate, he suggested.
Just a little glimpse at the economy from a window other than my own, which I thought I’d pass on.
By the way, we had no trouble getting our refinance, through Palmetto Citizens Federal Credit Union. See the ad at right.
Product placement, baby.