Friday, October 4, 2013

With The Government Shutdown - Time is Money

With more than 800,000 government employees unable to earn an income from their federal jobs they will soon be feeling the pinch if the government shutdown lasts more than two weeks. Prevented from volunteering to work without pay by the Anti-Deficiency Act of 1884 a number of offices ability to process forms will slow to a crawl but not necessarily a complete halt.

In harmony with the age old saying, "time is money." Some are concerned whether the absence of non-essential personnel will slow government form processing and thus  impact the economy and their money. Here are some things to expect. With the onset of the federal government shutdown and declining consumer confidence, mortgage rates fell for the third consecutive week. The average U.S. 30-tear mortgage rate slips to 4.22%.

As average U.S. rates on fixed mortgages fall to their lowest point in three months many are wondering what to do? While the rate dip is good news for home buyers and those seeking to refinance at lower rates there is one clincher. The time it takes to process the loan. As the process extends from month to month, fees rise. Fortunately many FHA lenders have been authorized to process loans despite a government lockdown but lenders are depending on a slowed government system to help verify tax issues related to the home loan applicant. Consumers should discuss the matter with their lender to determine what if any additional fees apply given the time factor for processing  loans.

Find low rate home mortgage loan offers and more news about low rate home financing.