I read an article this morning on www.cnnmoney.com titled Refinancing: Only For the Priveledged Few. The main gist of the article was the difficulty that homeowners are having refinancing their current mortgages. One of the major reasons for this problem: lack of equity. With many markets experiencing deteriorationg conditions, or being in a declining market, homeowners are seeing their equity decrease and lenders are leery of lending money in an area that may be losing value.
Not all areas have been hit hard by the "credit crunch", and home values here in middle Tennessee have remained stable and are experiencing a moderate amount of appreciation.
If you know of anyone looking to refinance their home in order to 1) lock in a low rate, 2) get cash out of their home, 3) consolidate debt, or 4) shorten the term of their mortgage, please have them contact me. I'd love to help anyone that I can.
Thanks,
Clint Haynes
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