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Housing market hits its lowest point for quite sometime now. Homeowners and Wall Street investors have lost confidence in the housing market for the past few years. The lack of faith in real estate industry has led to higher interest rates, and higher qualification for mortgage approval, and unhealthy mortgage market.
The bailout plan is designed to assure the investor’s confidence and stimulate housing market. This is why it should be welcomed. Veteran home owners can enjoy much lower interest rates and a good opportunity today. The interest rate for a veteran refinance is around 5.25% - 5.5%, depending on a personal variable. Prior to the bailout, the interest rate for a veteran homeowner is around 6.0 – 6.5%. Financial analysts and real experts have estimated that the interest rate decrease can save $100 million of dollars for veterans nationwide.
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