This Is the Right Time to Finance
If you qualify, here’s how Mortgage rates are at their lowest levels ever, making this a great opportunity to refinance. However, those who want to refinance in today’s tough lending environment face hurdles. Credit scores must be higher than they used to be. Debt loads must be smaller. Employment must be documented. The biggest obstacle is a lack of home equity. Some people owe more on their mortgages than their homes are worth. They’re considered “underwater.” Banks aren’t inclined to lend to them. But for those with stable jobs, extra cash, little debt and some home equity, low rates could allow for sharply reduced mortgage payments. When refinancing is impossible The lowest rates are generally reserved for those with credit scores of 720 or more, said Mark Goldman, a Southern California mortgage broker who lectures at San Diego State University. About 40 percent of US homeowners have scores that high. Full Article…
October 11, 2011
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Posted by Luis Cook
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