DROWNING IN APPLICATIONS

Borrowers eager to take advantage of low mortgage rates have swamped lenders with applications. “I’ve never seen anything like this,” says Leif Thomsen of Mortgage Master, a lender with offices all over the Northeast. “This is the most I’ve seen in 20 years in this business. It’s amazing.” Lenders are quickly hiring people to take care of the crush, but the volume is still overwhelming in many places. Borrowers who find themselves ignored should be persistent and search for deals that lock in the rate for 90 days. That should give them enough time to work around the bogged-down lending process.

Source: The Washington Post, Dina ElBogdady, and USA Today, Stephanie Armour (01/16/2009)
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