If we learned one thing from the 2007-08 financial meltdown, it’s that the days of easy money have become footnotes in American history textbooks. The Federal Reserve, Fannie Mae, and scores of banks gushed money from their vaults as a geyser gushes oil after it strikes pay dirt. The result was the introduction of restrictive mortgage rates that choke the life out of the housing market. Just when it appeared mortgage rates were set to fall, albeit slowly, recent news buttresses the argument that mortgage rates may have not reached the ceiling.
The Mortgage Bankers Association reported on July 3 that rates on a 30-year fixed-rate mortgage reached 4.58 percent, which is the highest 30-year rate in nearly two years. Because of the high rate, mortgage applications fell by over 12 percent in just one week. The number of mortgages that homeowners have refinanced has declined all over the United States. With Ben Bernanke issuing his recent Darth Vader like proclamation that the days of quantitative easing are over, do not expect the housing market to return to the free money days any time soon.
Mortgage brokers have traditionally played the role of intermediaries between banks and individuals who seek mortgage loans. The steady climb of mortgage rates has rendered mortgage brokers mostly ineffective, as the sources they have sought financing from in the past have dried up as a waterhole dries up in the desert. Because of the mortgage rate squeeze, you may decide to opt out of the housing market. However, by combining the best accountants with your mortgage broker, you may be able to find the home of your dreams.
GoodAccountants.com brings together the cream of the best accountants. Your goal in hiring an accountant from the list of qualified professionals who list on GoodAccountants.com is to get your personal financial statements in order. The free service is akin to dating sites that match people of similar interests. In this case, the matchmaker connects accountants with people who need their specialized services. You may need help with simple bookeeping entries to improve your earning power. The more money that you demonstrate you earn, the more likely a mortgage broker can swing a deal with a bank for a home loan. Consult with one of the best accountants on taxation issues to enhance your liquidity.
GoodAccountants.com provides you with an easy to access database of over 50,000 accounting firms. Many of the firms employ specialists who work exclusively with potential homeowners to improve equity and lower liabilities. Rising interest rates may put a damper on The American Dream, but you can block the rain from falling on your new home when you combine the expertise of your mortgage broker and one of the accounting professionals listed on GoodAccountants.com.