Tag Archives: refinancing

Buying a Home, Finances

Turned Down for a Refinance?

Here’s a great article recently article by the National Association of REALTORS:

When a lender says you don’t qualify for a mortgage refinance, you may be able to fix what’s wrong or find another lender willing to step up.

The five things that most often stop a refinance from going through:

  1. Your home is worth less than your current mortgage (also known as being underwater).
  2. Your credit score is too low.
  3. You can’t document your income.
  4. The lender thinks you’re not making enough money to cover your bills.
  5. Your home is listed for sale.

You can overcome some of those five issues fairly quickly, but others will take time. read more

Finances

Is it Time to Refinance?

Those who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it’s time to refinance yet again now that rates are at least a full percentage point lower.

Making sense of the story

• As of Thursday, according to Freddie Mac’s weekly survey, the average rate on a 30-year loan was 3.83 percent, down from 4.63 percent a year ago, setting a record low. read more