Oak Brook, IL (PRWEB) January 27, 2008
With the recent surge in foreclosures, home-owners are starting to feel the pinch as housing values decline hence, limiting the ability for many to capitalize on the recent low rates. In many areas housing prices have fallen as much as 10% over the holiday season due to the slow down in the economy and banks tightening up on guidelines.
"Many home-owners should consider refinancing their homes today to take advantage of the low rates before housing prices continue to drop," says Brian Saviano a local mortgage expert with Elite Financial Investments based in Oak Brook, Illinois. "They should also consider pulling any excess equity out of their homes now while they still can before housing prices continue to drop further."
The mortgage industry is experiencing sweeping changes driven by the recent surge in foreclosures and mortgage lenders closing their doors. The Federal Reserve has been taking all measures to protect the economy from a recession by lowering the interest rates. This coupled with the houses new bill to raise conforming loan limits to as much as $730,000 may be the perfect time for those with higher rates to consider whether a refinance may be beneficial or not. Saviano urges those to seek out advice from a reputable licensed mortgage loan advisor.
"No one knows for certain which way the economy is ultimately headed and for those that take action now while the rates are low, might be well served down the road if housing prices continue to worsen," adds Saviano. With all the uncertainty that is going on right now borrowers certainly stand to benefit and may save several thousands of dollars.
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