With record-low interest rates potential home buyers are seeking
to buy and current homeowners are seeking to refinance. But low appraisals are making it difficult or
even impossible for some borrowers to take advantage of this boon in record-low
The problem stems from the fact that home prices have plummeted
even further than first anticipated, as wells as laws and rules enacted by
legislators and lenders in the wake of the financial crisis which seek to eliminate
inflated appraisal valuations and improper pressures on appraisers as seen in the
housing boom have now resulted in an “over-correction” or unnecessarily
Shortening Loan Terms
The New York Times
By VICKIE ELMERPublished: June 1, 2012
LOW interest rates are making it easier for homeowners to reduce their mortgage payoff times considerably.
a third of those who refinanced in the first quarter cut the duration
of their mortgages to 15 or 20 years from 30, according to a recentrefinancing reportbyFreddie Mac. The 31 percent
who shortened their terms represented the second-highest level since
2002, when 35 percent took out shorter-term
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