Can You Refinance With Your Equity? NASDAQ
With mortgage rates once again near historic lows, you might be one of the many homeowners who would like to refinance their mortgage. The question is, do you have enough home equity to do it?
Your home equity is the #1 factor in determining whether or not you can refinance your mortgage. In the current market, lenders just aren't willing to offer you a new loan unless you have at least some equity in the property.
How much home equity is enough?
How much? Well, 20 percent is the standard required to get the best interest rates - anything less than that and you'll probably end up paying another one-eighth to one-quarter of a percentage point more in interest. You're still probably on good ground at 10 percent, though 5 percent may be a bit iffy, particularly if you're in a weak local housing market.
What if you're underwater?
If you have little or no equity - or are "underwater" on your mortgage, owing more than the property is worth - you're not completely out of luck. There are certain programs, most notably the federal Home Affordable Refinance Program, that are designed to help borrowers refinance when they have little or negative equity.
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As mortgage loan costs fall, refinancing perks up - Tampa Tribune As mortgage loan costs fall, refinancing perks up The Klines, who combined their original mortgage and home equity loan into one 30-year fixed-rate loan, had to pay for a home appraisal and closing costs, |
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Making the grade: Loans are tougher to get in recession - New Haven Register (subscription) Making the grade: Loans are tougher to get in recession Ongoing loan defaults and foreclosure filings have caused lenders to more closely scrutinize loan applications to ensure that borrowers can afford to pay |
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Are Lower Mortgage Rates Working? For Some, Yes; for Others, No - RisMedia.com (press release) Are Lower Mortgage Rates Working? For Some, Yes; for Others, No January applications for new and refinanced home loans reached a record high for Wells Fargo Home Mortgage Group, which processed 477 applications, |
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Mortgage Fraud: A Scourge of the 21st Century? - Insurance News Net (press release) Mortgage Fraud: A Scourge of the 21st Century? If there is not enough equity in the home to warrant a second loan, an inflated appraisal is obtained. This scheme often involves a high level of collusion |
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Stockguru.com: Stocks to Watch for February 17, 2009 - BHCG, CFWH ... - Trading Markets (press release) Stockguru.com: Stocks to Watch for February 17, 2009 - BHCG, CFWH The bank’s loan portfolio comprises loans secured by first mortgage liens for the purchase, construction, or refinancing of one- to four-family residential |