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What's Santa Doing in the Off-season: Refinancing His Workshop
(ARA) - Even Santa Claus is refinancing his home. And for those cynics, there is a Santa Claus. This homeowner’s legal name is Santa Claus and he has been living in the Chicago area for 58 years. In addition to his pastime as “toy delivery expert,” Mr. Claus owns a construction company and enjoys volunteering his time with church organizations, local schools, Boy Scouts, Girl Scouts and in senior centers.
“I’m not surprised that Santa Claus is refinancing, after all mortgage rates are near record lows and homeowners across the nation are taking advantage of this opportunity,” says Dusica Cvorovic, Santa’s loan consultant at Washington Mutual.
Experts agree that even though mortgage interest rates may be edging up, it is still a good time for homeowners or buyers of all types to refinance or buy a home. According to the Mortgage Bankers Association of America (MBA), the final volume of home loans financed in 2002 is likely to approach $2.42 trillion. The MBA notes that it is the combination of low interest rates and accumulated home value appreciation that is generating the greatest origination volume in history.
As with Mr. Claus, much of this volume is from customers who are refinancing. In the third quarter of 2002, the refinance market was so hot that 67 percent of Washington Mutual’s single family residential home loans were refinances and 33 percent were home purchases.
“Yeah, even I’m taking advantage of the good mortgage rates,” says Santa Claus, noted toy delivery expert. “But more importantly, I’m glad that we brought some joy to kids at Christmas time -- that’s what it’s all about!”
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