With the poor economy and financial market crisis, is now a good time to refinance the mortgage on my house?
The ADvisor asked:
With the interest rates dropping I think I could really save some money every month on my mortgage if I refinance, but are banks hesitant to lend right now with the financial crisis? What are your thoughts? Thank you!
Caffeinated Content for WordPress
With the interest rates dropping I think I could really save some money every month on my mortgage if I refinance, but are banks hesitant to lend right now with the financial crisis? What are your thoughts? Thank you!
Caffeinated Content for WordPress
August 22nd, 2008 at 2:16 am
If you financed 100% then you basically have no chance of refinancing as your homes worth has gone down. If you are not in that situation and the refinance rate is at least 1% lower than what you have then you will save in the long run.
August 22nd, 2008 at 12:15 pm
1. Banks are going to want 20% equity in your house.
(10% with excellent credit).
2. Interest rates are going up and may not come down for years.
August 22nd, 2008 at 5:10 pm
There are a few things to consider ,if you have a good payment record this is the first thing ,however it also depends how much the property is worth now ,I would suggest you speak to a reputable lender in your area ,and definitely if the above 2 things are fine then refinance immediately for a cheaper interest rate.
August 23rd, 2008 at 8:05 am
If you have very good credit and a lot of equity in your house, you can probably refinance.
August 25th, 2008 at 6:05 am
Yes banks are willing to lend right now just not at the levels in the past. You have to have good credit and need to prove your income.
August 26th, 2008 at 7:46 am
I think you should refinance today..