We might see a couple decades of low rates like Japan.
If you can refinance without costs then all the better.
In this environment, people with good credit are able to take advantage of the low rates.
Those who don’t have equity, good credit or documented income, are stuck in high-rate mortgages.
Remember those who bought “houses they could afford” at the peak because “life happens”. They likely don’t have the equity to refinance at today’s low rates. Oh well, life happens.
I swear flu must be a mortgage broker pulling everybody in month after month with lower and lower rates……. btw what ever happened to George Chamberlame and is sidekick mortgage broker Anan (?)
Remember those who bought “houses they could afford” at the peak because “life happens”. They likely don’t have the equity to refinance at today’s low rates. Oh well, life happens.
Don’t be surprised if that changes in a short time.
[quote=desmond]I swear flu must be a mortgage broker pulling everybody in month after month with lower and lower rates……. btw what ever happened to George Chamberlame and is sidekick mortgage broker Anan (?)[/quote]
If I only wish…I would make a killing.
My friend who refied me the X number of times.. she makes probably 3 times my base salary. One of my relatives in 90ies was a part time mortgage broker for “fun” and ended up doing matching her full time yearly salary in 3 months. Not saying it’s easy. But the money is good.
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