Does that mean (consumers will) stop borrowing because it costs them another 5 a month Probably not. It may influence decisions. I don't think it halts decisions.
More Quotes from Keith Gumbinger:
If you're making a pre-payment on your mortgage principal, ultimately you'll pay less interest,Keith Gumbinger
But all of that has changed in just a matter of months. Lenders don't have people beating down their door for their loan, ... You're more in the captain seat than you were even a week ago.
Keith Gumbinger
Expanding your menu (as a lender) to include as many loan choices means you get a better opportunity to scour borrowers out of niche markets.
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If you re-extend from 15 years back out to 30 years, that might reduce your monthly payment by 30 percent, ... If there isn't a likelihood that you'll pay off your mortgage, the re-extension of the term of your loan could measurably improve your cash flow.
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This would free up cash now, while still minimizing their exposure to rising rates during the period they expect to remain in the house.
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Based on Topics: Decision Making QuotesBased on Keywords: halts
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