Metro Detroit Mortgage interest Rates are the lowest they have been in 40 years.  We haven't seen rates below 5% for a 30 year fixed for almost a lifetime.

But I am saddened that I can't help all the people that are calling about the low rates.  I am helping all the people that I can but many Metro Detroit homeowners can't refinance because of one reason. 

                            Their home won't appraise.

In the City of Detroit I don't believe that any home can appraise for refinancing.  At least I don't believe many banks will want the loan.  Wayne County Home values in the city of Detroit have fallen up to 90%.  Homes that sold for over $100,000 sometimes can be picked up for less than $10,000.  The Metro Detroit suburbs are better off but the first ring of cities around Detroit have been hit hard by the falling home values.   Some cities that are close to Detroit city border have lost tremendous value.  Cities that you couldn't find a home for less than $100,000 now have homes for $50,000, $60,000, $70,000 all day long.

Even upper end Metro Detroit suburbs are seeing home values fall 30 -40%.  That makes it hard to get a Michigan mortgage.  If you bought a home in Metro Detroit and put 20% in the last 8 years you most likely either can't get a mortgage or it makes no sense to refinance.  Even if the rates are 1% lower.  The reason it doesn't make sense is because now many Metro Detroit homeowners would have to pay PMI because their home value dropped as compared to their loan balance.   

It doesn't matter whether you live in Canton, Farmington, Plymouth, Novi, or Livonia home values are making refinancing harder.  I am not saying it can't be done.  In fact if you are wondering whether it will make sense to refinance call your local Michigan loan officer.  Have them do a value check, have them check out your situation.  You can save money in this tough economy.  Every dollar saved will help you survive.

If you don't have a trusted mortgage person give me a call on my cell (313) 310-9855 to see how much we can save you and whether it is feasible for you to refinance and lower your mortgage interest rate.