Posted Wednesday, July 7, 2010
Mortgage rates are at a fifty year low -- below 4.6 percent. That may sound like cheap money to many people, but if it does, why aren't more of them refinancing their homes? As it turns out, many can't or won't for a host of reasons. Wednesday morning at 9, we take a deeper look at the quirks in the current mortgage market, which would appear to be a buyers' markets (without the buyers). Plus, everything that should be considered when refinancing a home.
Economy, Facing the Mortgage Crisis, Other, Housing/Real Estate
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We just recently tried to re-finance (unsuccessfully). One question I keep coming back to: How do you determine fair market value of your home? Do you go by what the county has it registered at or what you THINK it SHOULD sell for versus what it might realistically sell for?
After listening to your show I was disappointed to not hear a first step in the refinancing process. I want to refinance my 6.25 loan and I have great credit. What’s my first step? Get the house appraised to see if I have enough equity, go to my existing loan holder, go to a broker? I’ve already begun the process and I wish I had done things in a better order.
Everybody keeps saying people should re-finance for a lower rate, well i have 7.25 fixed rate and i tried to re-finance and also tried to see if i could get a credit line, but was unsuccessful. When i tried to re-finance i was told by the appraiser that if the houses around me were selling for what they would have few years ago. I could have gotten a better appraisal. I feel we are failing with this re-financing help by the fact they are trying to help people in foreclosure which they should but they also should be helping people before the forclosure process starts. When i tried to re-finance they were going to use most of my paperwork from my first mortgage and still wanted to charge me 3700 for closing cost. This guy you had on from Huntington Bank needs to look into things alot better because that is where i tried to re-finance and basically was told sorry. David Swiatkowski might work at Huntington Bank but he seems not to know what is really happening. I am not saying i do not want to pay for my home i just need alittle help.