On Long Island last week, a young executive who is about to buy a house persuaded his bank to give him a whopping $42,500 mortgage at the reasonable rate of 5¾%. Chicago banks, whose mortgage rates ran as high as 6% just 18 months ago, are now charging as little as 5¼%. One Brooklyn bank is so eager to shovel out mortgage money that its appraisers cruise out to house sites in telephone-equipped cars so that they can report back faster. Says one San Francisco banker: "I'm dickering for a house loan myself....
To continue reading:
or
Log-In
