But the timing for us is now. With mortgage rates dropping to offset the slowdown in other facets of the economy, the Atkins are ready to take advantage by refinancing. When they do, the money poured back into the economy is a bonus for the rest of the buying public. The financial flexibility is new to the industry, a reason why many developers expect sales to remain strong. Twenty years ago, some lenders demanded a 20 percent down payment.
Some developers now offer deals requiring no money down.
The traditional savings and loan also is a thing of the past. Mortgages now can come from banks, mortgage firms and insurance carriers. Even some Internet companies offer mortgages. Jim Kypuros, branch manager for Draper and Kramer Mortgage Corp. in Hickory Hills, said liberalized lending has changed buyer attitudes. I don't see the apprehension that you used to see.