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There is a lot of news these days in the lending arena, so the coming years should be a little crazy to say the least. We have come through a pretty rough period with the market crash in 2008 were millions of people lost their savings, their home and their retirement pensions. Since 2008 the markets have come back and anyone who remained invested gained all of their losses back and then some. The housing industry did not fare so well. Anyone with a house and a mortgage found themselves paying on a mortgage that was often larger than the value of their home. Housing is beginning to come back, but still not close to what it was before the crash in 2008.
Interest rates plummeted as governments around the world tried to stimulate the economy and get people working again. Many people lost their jobs and consumers in general just stopped buying which pushed the economy even further down. Fortunately the interest rates being low have gradually brought the economy slowly back. More people are being hired for jobs and there are even rumors that interest rates may begin to increase again in 2014.
As more and more people are working there is more demand for loans and mortgages. With interest rates being so low, it makes sense for people to apply for and be approved for loans and mortgages now rather than wait when there is a chance of interest rate increases. Even a 1% increase can mean thousands of dollars in additional interest costs over the life of the loan and the mortgage.
We mentioned at the beginning that there is lots of news these days. All of this news can impact what we pay from an interest rate perspective. The US government just approved a temporary measure to get them through the fiscal cliff issue at the end of 2012. Europe is still muddling through their own financial crisis and China appears to be emerging from it’s downturn in their economy. The US is gaining jobs, but they are lower paying than what they used to be as more and more people are finding work in non union jobs and the service areas. There are going to be other surprises during the coming years.
The global warming trend is supposed to bring a lot more storms and cause billions of damage to cities and towns around the world. This last point might be bad for individuals and cities etc, but apparently it is good for the economy. Lots of rebuilding must be completed and this means lending kicks into high gear as people need personal loans and mortgage refinancing as well as debt consolidation to help them get through these troubled times.
We can only suggest that consumers pay attention to interest rates and use mortgage brokers to help them find the best rate and terms for your loan or mortgage. If you would prefer to use your own bank or do not want to use a mortgage broker, take the time to shop around a bit and compare interest rates and fees.
You may be surprised at how much you can save simply by asking and comparing rates and terms. This is money in your pocket which can be used for many other things. The worst that can happen is that they say no and then you get to decide if you still want to do business with that company or look elsewhere.