Consumers are fighting to refinance into a fixed rate. Consumers are getting frustrated. Thier mortgage payment continually increases and the value of homes are stagnant at best.
I do believe that 2007 will have many rate and term refinances due to this situation. However, appraisers are having a tough time getting value to eliminate these high risk loans. So, now is the time to refinance. Make sure you can get your value before proceeding with the loan. Most consumers will be surprised hen they hear that they cannot get the value that they once had. For those of you out there, hang in there until spring time. More homes tend to sell during that time and more comporables will be available.
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