By Josh Flory (Contact)Tuesday, February 3, 2009
As problems go, this is a good one for the mortgage industry.
While home sales sputtered last year in the midst of a national recession, the federal government’s aggressive moves to prop up the economy spurred a year-end boom in mortgage refinancing that has carried over into 2009, and left some firms scrambling to keep up with demand.
While home sales sputtered last year in the midst of a national recession, the federal government’s aggressive moves to prop up the economy spurred a year-end boom in mortgage refinancing that has carried over into 2009, and left some firms scrambling to keep up with demand.
Chuck Tonkin, co-president of the Knoxville-based Mortgage Investors Group, estimated that refinancing volume at his firm is up 400 to 500 percent this month compared to January 2008, and he’s expecting a bigger number in February.
Tonkin said that at his company, “many, many people are working until 10 every night just to keep it going,” adding that the blistering pace is probably happening at other firms as well.
Let Mortgage Specialist Kristin Abouelata's Experience Work For You!
Email your home loan financing questions to Kristin Abouelata, Home Loan Specialist with Mortgage Investors Group, at question@kristinmortgage.com or call direct: (865) 567-0113 Toll Free: 1-800-489-8910.
For more information visit her website at http://www.kristinmortgage.com/ Home Loans Plain Talk.
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