If you are a new borrower or needing to refinance a loan, the cost of money hasn’t been this high in over 20 years. And it doesn’t matter who you are or what type of product, rates (and therefore costs) are substantially higher.
- Commerical Loans and prime borrowers (rates are now north of 8.5%).
- Residential Mortgages (are now well over 7.1%).
- Credit Cards (rates are now over 20.6%).
The game has changed. Banks and other financial institutions are charging substantially more, but…
they are not paying much more.
When the game changes, players need to change.
-Paul R. Rossi, CFA