Ready to refinance? Here's how, if you qualify The Associated Press
Mortgage rates have fallen to their lowest levels ever, making this a golden opportunity to refinance.
But many people can't. Homeowners who want to refinance in today's tougher 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? 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.
— BARRIERS TO ENTRY
For many homeowners, 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 U.S. homeowners have scores that high.
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