Good Morning,
I came across a good article today from Fortune magazine about the low interest rates. It does a good job of broaching a part of the issue with homeowner’s and their ability to refinance in this current mortgage climate. While the restrictions to get approved are a large part of the issue there is another issue we are seeing on the other side of the equation when they can qualify: Appraisal values. Many borrowers are finding them selves with much lower home values than they originally believed, making refinancing extremely tough. Now, if they qualify for the Fannie Mae or Freddie Mac owned refinances (follow the links provided to see if their address qualifies), then they have the ability to refinance in many cases when they owe more than their home is worth.
If you hear someone talk about their inability to refinance because of their home value, have them check these two sites and if a match is found with one, they have a significantly higher chance of finding a mortgage that makes sense for them.
Have a great week!
Rates: 30 year fixed at 4.375% and the 15 year at 3.75%, FHA: 4.375%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.
Comments(0)