Record Low Rates Flooding Banks with Refinances

Lenders Struggle to Keep Up With Refi Apps

With interest rates a little above 4% homeowners are clamoring to refi their mortgages and pocket some extra savings. Refinancing is attractive because it can lower a persons monthly mortgage payment, but it does usually come at a cost of closing costs and other filing fees. Apparently a lot of people are finding the refinance option to be profitable because banks are having a hard time keeping up with all the applications they are receiving. For the economy in general this could be good and bad, meaning that homeowners may end up with more money to spend and stimulate the economy but it could also mean that the are planning on staying entrenched in their homes and the real estate market could continue being stagnant.

Money Saving & Debt Reducing Options

As people continue to struggle through the rough economy, multiple options for saving money and reducing debt are emerging; two things almost everyone needs to do right now. One of the possible options for this is bankruptcy, something a lot of people turn to after all the refinancing and other options fall through. Bankruptcy can allow a person to stave of foreclosure and eliminate their debts, all while providing them with the opportunity to have a better financial future.

Utah Bankruptcy Attorney

Whether you are out of options or just interested in what bankruptcy could do for you, Salcido Law Firm is your one stop shop to find answer to your questions. Our experienced attorneys know the ins and outs of bankruptcy proceedings and can help you make an informed decision about your future. There are many benefits to bankruptcy given a persons circumstances and it might just be the best option for you. Call or email us today to set up a free consultation.

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