Community Chat

[novamc1]

At least some people are behaving rationally in all this economic turmoil.

Just heard on CNBC about the flood of loan refinances that are overwhelming lenders, causing them to shift staff into that area of the banking business.

Homes would be selling like crazy if only there was enough inventory to sell in many areas of the country.  We're supposedly short on available homes in our metro area.

[lovesrecess]

We are trying to find a downsized home here and there just aren’t any available. Can’t refinance because we don’t owe enough. Catch-22

[luvmyteddy4]

I refinaced last December, kind of wish I waited until this year but I wasn't sure what the rates would do. 

Glad its over and I got a good rate but now they're even lower. Oh well!

I applied last Aug and never heard back so I thought I wouldn't get approved although I thought I should. 4 months later the guy called to say I was approved? Wth

Said they were just busy! 

[KingstonsMom]

In our area, it's a seller's market.

MIL moved into a retirement community recently, listed her family home, $300,000 range, and had a full price, all cash offer and they closed in one week.

[Pecky]

Good to know something postive is happening! It is so depressing with this virus, the markets tanking. It really is hard to imagine an end to all this.

[Financialgrl]

@novamc1  My sister and BIL are caught up in this - their home just sold - (is about 35 miles from Arlington/DC).  The hard part is over for them - they won't have to be in a contingency situation.  But there is not enough inventory and they've put offers on 4 homes and lost them all - to multiple bidding wars.  Her daughter/SIL have been out looking at homes on the Arlington/DC line and they too have lost 3 or 4 places to bidding wars.  

She and her husband have decided to put their excess stuff in storage for a year and rent an apartment and assess things when their lease is up.  She needs to work another 4 years and they want to eventually head south to retire.  She said what they plan to do in a year is based on the situation at that time.  She loves her job and would like to stay there for the few remaining years left rather than starting over new again.

[Kachina624]

I refinanced my house last August on the day the Fed lowered the prime rate.  It took about 3 months to go through but in the end, I've managed to almost cut my mortgage payment in half so it was worth the wait.

[suzyQ3]

It is wonderful for those seeking a mortgage or a refinance. It's not so good for those who depend upon interest. It's a delicate balance, and I hope that sound minds prevail and that we don't go into negative interest territory.