Mortgage Applications Rise Again for January 2009

Homeowners across America are rushing to refinance their homes, as the prime interest rate continues to hover at record-low levels.

Mortgage applications are up for the first week of January 2009, and it's really no surprise. After all, we are seeing some pretty enticing interest rates across the board. A home buyer with excellent credit could qualify for a 30-year fixed mortgage with a rate near 5%.

The lower rates are part of a broader stimulus plan designed to get the economy moving again. And many consumers seem to be getting the message. Some lenders are nearly overwhelmed with the number of loan applications pouring in.

Refinancing loans, in particular, are getting a lot of takers. In fact, refinance applications are currently making for about 85% of all mortgage applications nationwide (including regular purchase mortgages).

The good news is that conditions should stay like this for the next few months, at least. This means more home loans being given out, more people refinancing, and a slow but steady in overall economic activity. We can sure use that.

How to Apply for a Mortgage Loan

In correlation with the continued rise in mortgage applications, we have gathered some useful tips for anyone who wants to apply for a loan. These articles will be particularly useful for first-time home buyers and mortgage shoppers.

• Get a Mortgage Quote Online - The Internet has simplified many aspects of the home loan application process. As a result, it's easier than ever to get quotes from lenders. This section of the website explains how the process works and provides tools to help you get started.
• The Mortgage Approval Process - What happens when you submit your application to a lender? How do they evaluate you for a loan, and what can you do to increase your chances of getting approved? You'll find answers to these questions and more in this helpful article.