Mortgages Hit Record; Signal Refinance Fox Business

01.09.11

When refinancing, rates shouldn't be your only concern, says John Stearns, a mortgage banker at American Fidelity Mortgage Services in Mequon, Wis.

"Borrowers need to think about what's going to happen with property values," he says. "What's their house going to be worth in six months? If prices fall they may not be able to refinance. What's your debt-to-income ratio going to be, or your employment situation? You need to consider a lot of different factors. If you can refinance now and it makes sense, don't wait."

Declining property values, which often result in lower-than-expected appraisals, have been one of the biggest impediments to borrowers who want to refinance but don't have enough equity on their houses.

Low appraisals have also been a huge obstacle to sellers and kill many purchase contracts when the buyer tries to get a loan.

The number of pending contracts to purchase previously owned homes dropped 1.3% in July, according to the National Association of Realtors ' latest report. The number of closed sales fell 3.5% in July, according to NAR. Realtors say contract cancellations that resulted from poor appraisals contributed to the decline in sales.

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