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    "I finally got the bathroom of my dreams. JT, Marco and Mike are to be commended for their great work. My husband and I were impressed by the quality of their work. They were professional in conduct and neat. As for Dave, he is our guy. We have the utmost trust in what he says because he is honest."

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  • Frustrated With Your High Mortgage? Join the Club

    [caption id="attachment_3017" align="alignleft" width="323" caption="Home Mortgage "]Home[/caption]

     

    It seems pointless to have an introduction to the state of the housing market. I know it's bad and you know it's bad. In a way, hearing other people's stories on how they are coping with this terrible housing market lets us know that we are not alone. Yahoo Real Estate is a fantastic source to get the latest news on the state of this whirlwind of a housing market:

    With mortgage rates at a 50-year low and banks near his Brookline, NH, home touting offers of 4% or less, Tom Rogers thought it would be a perfect time to refinance. But in spite of a solid credit score, after an exhaustive survey of lenders in the area and online, Mr. Rogers couldn't find a single one willing to give him such a rock-bottom rate. He eventually settled for a mortgage almost a full percentage point higher than what he had hoped for.

    "I was annoyed," he says. "We're someone they should want to do business with."

    It is an increasingly common frustration. The gap between the lowest advertised mortgage rate and the average rate that borrowers actually get is as high as it has been in two years, save a single week last September. As of last week, the lowest available rate — according to a survey of more than 200 lenders by LendingTree.com — was 3.75% for a 30-year fixed mortgage, but the average rate was 4.39%. At the current 0.64 percentage-point spread, the difference in rates could mean an extra $53,000 in interest payments over the life of a 30-year, $400,000 mortgage.

    While there is always a spread — not all borrowers qualify for the lowest rate, after all — it is usually much smaller: An average spread is usually around 0.40 percentage point.

    The bigger discrepancy of late has little to do with borrowers' credit scores, which historically have largely decided what rates lenders choose to offer. Instead, it is more reflective of changes in the way lenders approach their business. Lenders have raised their profit margins by 1.5 to 2 percentage points in the past month, according to Informa Research Services, by offering borrowers slightly higher rates.

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