JOHNSTON, Iowa -- Iowa bankers are doing record business when it comes to re-financing home mortgages.
"People are taking advantage of going from a 30-year loan to a 15-year loan where they can keep their payments about the same and reduce the term of the loan. A lot of people are doing cash-out re-fis, where they can re-finance and take some equity out of their house and use it for other things" says Iowa Bankers Mortgage Corporation President Dan Vessely.
He says refinancing's being driven by extremely low interest rates.
"We have experienced record re-finance volume all the from March, continuing through today" Vessely says.
He says the one thing people starting the re-financing process should have--some patience.
"The system is very overloaded right now--from getting an appraisal and getting some things back on the property that have to be done. A lot of the vendors along the way in the mortgage process are back-logged" Vessely says.
He says three-quarters of all the mortgage business being done by Iowa banks right now are home mortgage re-finances.