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Read How The Hoosier Economy Is Strong!

by The Worrell Group

The Hoosier economy appears to be among the strongest of all states as the nation continues to recover from the recession. Figures from the U.S. Bureau of Economic Analysis show Indiana's Gross Domestic Product grew 4.6 percent in 2010, compared to the national rate of 2.6 percent. That's the third highest growth rate in the U.S., behind North Dakota and New York. In a Studio(i) conversation, Ball State Economist Mike Hicks says the robust recovery in Indiana is impressive. 

Indiana's 2010 GDP growth outpaced all neighboring states, including Michigan, which is regarding the new figures as positive news. The Detroit Free Press reports Michigan's 2.9 percent increase during the past year is being consiered by economists as a clear sign the state's deep recession is over.

Even though Indiana's economic expansion is among the national pacesetters, there is still work to do as the recovery takes hold.

The state's unemployment rate is hovering around 8 percent, although it has dropped below the national mark for the first time since June 2003.

What To Avoid When Preparing To Close

by The Worrell Group

 

AVOID CHANGING JOBS:

A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.

 

AVOID SWITCHING BANKS OR MOVING YOUR MONEY TO ANOTHER INSTITUTION:

After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.

 

AVOID PAYING OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT:

If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

 

AVOID MAKING ANY LARGE PURCHASES:

A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.

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The Randy Worrell Team
RE/MAX Legends Group
5645 Castle Creek Pkwy N
Indianapolis IN 46250
Direct: 317-819-3330
Voicemail: 317-644-0086

Randy Worrell  -  RE/MAX Legends Group       317-819-3330  Direct       317-590-5709  Mobile