First Time Home Buyer Tax Credit Extension – Bank of America and Wells Fargo Benefit?
Filed Under (Mortgages) by admin on 20-02-2010
The first time home buyer tax credit extension was designed to help all first time home buyers and move up buyers get into the market. The overall plan was to not only help first time buyers but to in addition help the lenders that were struggling to find borrowers who were looking to get a new mortgage. Bank of America and Wells Fargo are two major banks that could benefit from new customers.
When watching any financial information network or doing any personal finance research on the Internet these are pair of the names that consistently pop up. The marketing department of these major banks have done a very good piece of work of promoting their services in the low interest rate environment we are currently in.
During the credit crisis almost every major bank lost a significant amount of currency due to bad loans and delinquencies. The only way they could offset these losses is to add new customers. The first hour of travail home buyer tax credit extension has definitely enticed new home buyers into the market so there are profits to be made.
It is not only Wells Fargo and Bank of America who have profited but all banks that are offering mortgage rates at a low level in this current environment. If you are looking to take advantage of the first time home buyer tax credit extension then it would be wise to contact your mortgage lender of choice and get started today.
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