A new mortgage company in Tarrytown is finding that low interest rates are good for business.
Mortgage Master Inc., an independently owned mortgage company, said that it is processing about $30 million a month in mortgage transactions in the Tri-State area, many of them involving refinancings or purchases by first-time homebuers in Westchester County. The company recently opened its first Westcheser office at 520 White Plains Road in Tarrytown.
Firms such as Mortgage Master are benefiting from the repeated interest rate cuts by the Federal Reserve to help rescue a troubled American economy and slumping housing market.
“First-time home buyers represent about 40 percent of our business, and we’re finding that many consumers are simply tired of sitting on the fence and waiting to see if we’ve reached the bottom of the market,” said Donna Attili, mortgage master branch manager for the Tarrytown office. “The normal apprehension of those purchasing their first home is being replaced by a sense urgency to take advantage of historic low interest rates before they increase.”
Mortgage Master, based in Walpole, Mass., offers mortgages and services in 22 states and employees more than 325 workers nationally. The company said that surging mortage refinancing activity is projected to help increase its its lending volume from $2.6 billion in 2008 to $5.2 billion this year.
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