Demand for Refinanced Home Loans Picks Up LoanSafe
More than 75 percent of mortgage loan applications nationally in the first days of August came from owners hoping to refinance , say numbers from the Mortgage Bankers Association. That is up from 60 percent in the spring.Refinancing even an average-priced house under the lower rates — a happy side effect of the recent economic turmoil — can save an owner hundreds of dollars monthly.
But to get a loan, lenders want owners to have skin in the game — at least 20 percent equity in their homes , not an easy number to hit with precipitous drops in home prices in metro Atlanta. Or they have to bring more money to put down at a closing to ensure they hit the 20 percent mark, something that more are willing to do, said closing attorney Camille Brannon, a partner at Campbell & Brannon whose four offices spread from Buckhead to Alpharetta.
“That is something they have never done before,” she said. “But for some people, these interest rates are worth it. If for example, they have a $500,000 loan and the property didn’t appraise enough to support the loan, they will bring in $50,000.”
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