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Bank of the West Touts Rise in Refinance Applications

HARP 2.0 is stimulating an uptick in mortgage applications for ""Bank of the West"":https://www.bankofthewest.com/.

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The financial institution recently reported notable increases in loan applications during April as homeowners move to capitalize on the government's enhancements to the refinancing initiative.

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The California-based bank is currently predicting that roughly 20 percent of its loan volume for 2012 will come from refinancing borrowers taking advantage of HARP 2.0. Bank of the West has been savvy in its pursuit of homeowners interested in refinancing, recently creating an educational series via YouTube.com that provides eight key tips for those looking to tap into HARP 2.0.

""We are anticipating that one out of every five new borrowers will be a homeowner seeking a HARP 2.0 refinance loan this year,"" said Karen Mayfield, Bank of the West's national sales manager for the mortgage banking division. ""This program is providing real relief for homeowners who are current on their mortgage but have been unable to refinance due to a decline in the value of their home.""

Mayfield went on to add that low 30-year fixed rates are facilitating the wave of refinancing applications. Referencing data from Freddie Mac, Mayfield stated that interest rates for such mortgage have remained below 4 percent throughout the year.

About Author: Abby Gregory

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