Currently, the availability of low interest loans has hit an all time low and many are concerned that this trend is going to continue for quite some time. Unless an applicant has great credit, the chances of them getting a low interest loan appear to be getting smaller as each month goes by. Many had hoped that the housing market would have resolved itself by now, but as many are unable to find new low interest loans to refinance their homes, not much has changed. The lack of low interest loans is making it difficult for consumers to hang on to their homes and more are facing foreclosure than ever before. The current state of the economy is shaky and banks simply need to make money and they cannot do this with low interest loans, argue some experts.
“The argument on dual pricing will no doubt continue to rumble on. However, for a long time mortgage clubs and packagers have benefitted from exclusive and semi-exclusive deals with lenders. If they are looking for a level playing field, it could be argued that these exclusive deals should also come to an end,” stated Darren Cook with Moneyfacts.
Related reading: Low Interest Loan
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