Empowering People To Change

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With mortgage rates dropping at a record pace, homeowners are going in herds to financial institutions to refinance their homes.

This is very similar to a decade ago which led to the real-estate boom.

The Mortgage Bankers Association reported about 80% of all mortgage applications are for refinancing. The average 30 year fixed mortgage rate is 4.73% which is down from 6% about a year ago. Wells Fargo recently reported improved results as a result of the increase in mortgage applications writing over $101 billion in mortgage loans for the quarter which is the most since 2003.

There was an increase of 52% in first quarter profit as a result of the increase in the workload it required them to recruit to approximately 5,000 employees to assist with the volume. Wells Fargo believes that this rush will continue through the next quarter.

Not every homeowner will experience savings due to the high refinancing fees. Others are converting their adjustable mortgage rates with fixed fee rates. Many homeowners are seeing a decrease in their home values which makes it unattainable to refinance their homes.

The U.S. government has put in place programs to lower interest rates and increase the housing market. An example of this is The Federal Reserve announced late last year that they were buying mortgaged backed securities.

The government programs were put in place to help the struggling housing market, encouraging homeowners to refinance, and help them from foreclosing on their homes. Also, it would improve the economy as well as helping financial institutions boost profits.
Thus, financial institutions are having difficulties in expediting refinances on a timely basis due to the rush for homeowners to refinance.

Yesterday I meet with a great person who has been seeking a job for the last 6 months. What sets Gloria apart is her positive approach and dedication to find a job. She has not given up and decided to continue pushing every day. I explained to her don’t worry about how long it will take, or what others will think of you, or how difficult it will be. Just stay focus and continue searching every day. Instead of wasting your time and energy on worry, use that time and energy for action. Instead of visualizing what you don’t want, create what you do want. I always tell people if you can visualize your dream job than you can materialize in life.

Of course there will be challenges, painful mistakes, embarrassing moments and difficult efforts. But instead of worrying about them and making them worse, just go ahead, work your way through them and get them over with. Worry fills you with doubt, and doubt eats away at your dreams. It will cause you to second guess yourself. Instead of worrying take action, with so much relentless determination and intensity that there’s no room for worry.

Even though there will always be problems, you are truly capable of greatness. I explained to Gloria Imagine yourself fulfilling that greatness, starting right now. Then embrace enthusiastically into the journey of success and bring your best possibilities to life.

If you are having a difficult time finding a job don’t worry your dreams will come true if you believe and continue every day.