MORTGAGE UPDATE:
Lending update courtesy of MS&C Mortgage,
an affiliate of Wells Fargo

Interest Rates Dip; Qualified Consumers Look To Refi

The recent drop in mortgage interest rates may have inspired consumers to refinance their mortgage loans.

According to Bankrate.com, the profile of eligible consumers are those who:

• have good credit;
• own a house worth more than the amount owed;
• earn enough and document the ability to repay the loan;
• aren’t overburdened with other debt from student loans,autos and credit cards; and
• have enough money to cover the closing costs.

It’s unclear how long the dip in rates will last.

Wells Fargo & Company is a diversified financial services company with $575 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "AAA," and Standard & Poor's Ratings Services, "AAA." Information is accurate as of date of printing and subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2009 Wells Fargo Bank, N.A. All rights reserved.