I found this article on Marketwatch.com today. It is titled “Battle Plan for Refinancing Your Mortgage”. This story provides you a good outline on why it’s a great idea to refi right now, but why you might not be able to. Since 2007 mortgage funding has dried up. It has become harder then ever for people to obtain a mortgage. The biggest factor in getting denied for a loan is equity.
Since home prices have plummeted since 2006, equity is getting harder to come by. Some statistics state that 62% of all homes are underwater. This means that 62% of homeowners owe more on their mortgage then their home is worth. At the same time, this stat is a little bit skewed. Home prices are locally, not national. Some homes in MN have not gone down in value as much as other homes.
I suggest that you read this article and then find out if you can qualify for a mortgage. Rates have never been lower then right now. Please contact me if you would like an honest look in to your mortgage options.
http://www.marketwatch.com/story/a-battle-plan-for-home-refinancing-2009520548520
