Why right now may be the time to buy and/or refinance

We're always taught as youngsters that if we stay in school, work real hard, brush our teeth and be nice to our parents, that someday we will be successful adults ourselves with a piece of property to call our own in which we can raise a family and have a happy life.

However, as previously reported in this blog, the poor economy and housing bubble bursting in the mid/late 2000s put a significant damper on the prospect of owning a home.

But, according to a recent article published by CNN, all hope is not lost. In fact, if American citizens are willing to act fast, right now may be one of the best times to purchase a home in recent memory.

According to the article, home prices are down a stark 34 percent from 2006, and the low rates at which homes can be purchased right now may be the lowest they will be in the foreseeable future.

Furthermore, these facts are coupled with insight from the Freddie Mac Primary Mortgage Market Survey that suggests that now is also an excellent time for homeowners to refinance and save at low interest rates.

"The typical borrower who refinanced reduced their interest rate by about 1.5 percentage points. On a $200,000 loan, that translates into saving about $2,900 in interest during the next 12 months. Fixed-rate mortgage rates hit new lows during March, with 30-year product averaging 3.95 percent and 15-year averaging 3.20 percent that month," the survey reports.

Consequently, lenders may be experiencing higher volumes of consumers expressing interest in purchasing a home as well as refinancing. In order to best keep track of all these new clients as well as existing ones, it would be wise for lenders to invest in loan servicing software and an amortization calculator to best organize the volume.