Refinancing In Pittsburgh? Look No Further!

Mortgage rates have been historically low in an effort to stimulate the housing market

. There is no saying how long they will stay this low, giving potential buyers more buying power and the ability to afford a home that they may have never been able to afford previously. These low rates are not only good for house hunters, but they are also good for current homeowners. In an attempt to make life more affordable for homeowners the government is giving an opportunity to lower monthly mortgage payments.

How do I know if I can refinance?

Typically you need to have at least 20% equity in your home in order to refinance for a better rate. This a problem for many potential refinancers, their home values have dropped so greatly after the housing market crash that they may not own 20% of their home any more, many actually have negative equity. If you do have sufficient equity, however, there are a number of factors that come in to play when looking to refinance.

Your personal credit score plays a big factor in the rate you will be quoted. If you have poor credit, you are viewed as a risk by the bank, and as a risk you will need to be charged more than most borrowers. You are also a risk if you have a high debt to income ratio. If your income is not sufficient you may not be able to take advantage of these low rates.

Where can I find out if I am eligible to refinance?

Pittsburgh mortgage lenders can help you determine if you are eligible. There are a number of Pittsburgh mortgage refinance companies around the area. They will look at your current term, your down payment amount, and your credit and debt to income ratio to determine your credit worthiness.

Meet with a Pittsburgh mortgage refinance specialist today to see if you can take advantage of these historically low rates!!

by: Justin Bill

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