Poll Finds Many Pessimistic About US Economy

Poll: Almost 40 percent say US economy is in permanent decline

Many Americans say the economy is in a permanent decline, according to a CBS News/New York Times survey. Of those polled in June 2011, 39 percent said the economy is in permanent decline, compared with 28 percent in October 2011. With so many people feeling down about an economic recovery, the housing market is likely to continue struggling as folks hesitate to refinance or buy a home.

The survey found that 53 percent of people said that jobs and the economy are their top concern; 45 percent said the government is paying little to no attention to the economy. Unemployment and job layoffs continue to worry some Americans; 31 percent of people were very concerned that someone in their household could be out of work in the next year.

Concerns about whether or not the economy is recovering fast enough can certainly keep you on the sidelines when it comes to getting a mortgage. But if you feel confident about your job prospects and think refinancing could be a good move right now, don't let the doom and gloom felt by others keep you from investigating your options.

Use a mortgage calculator

Don't rule out refinancing without running some numbers through a loan calculator first. A refinance calculator can allow you to get a realistic picture of how much money you could save on your loan by refinancing. Mortgage rates remain very affordable for people with good credit and equity in their homes. Of course if you are underwater on a mortgage, refinancing is going to be out of the question.

Should you buy a home now?

It could also be a good time to consider getting a mortgage to buy a home. Don't start a house hunt until you've used an affordability calculator to determine what your monthly payments would be on a loan. Arming yourself with the facts is the best way to figure out whether it is time for you to get a mortgage to buy or refinance a home.

While it's a good idea to exercise caution in this economy, keep in mind that not everyone has the same financial picture as you do. What works for your friends and neighbors may not actually apply to your situation. There certainly is widespread pessimism about an economic recovery, but that doesn't mean you can't be hopeful about your financial future.