subject: Is mortgage refinancing a doable solution now days? [print this page] And what are today's rates? well, let's pretend you want to refinance your current loan to a 30 yr. fixed, according to freddiemac.com as of July 15, 2010, you can get an interest rate of 4.57%, pretty good, no? If you want to be a little bit more aggressive and would like a 15 yr. fixed, the rate now is 4.07%
Now, why is it becoming so difficult to do a mortgage refinancing? We mentioned that the FED is doing it's part to keep interests low, right? but we also mentioned that the banks are becoming more strict with their lending guidelines and that includes the FICO score. If before this recession and while the real estate boom they were careless with the FICO scores, they are now very cautious with the same matter, just like when they were lending money "left and right" and then they went to no lending at all, it's the same scenario: Credit didn't matter, now good credit is a MUST!
To answer our original question: Is mortgage refinancing a doable solution now days? the answer is YES IT IT, under the right circumstances. Believe it or not, the majority of people in the United States still have a good credit standing, if this is your case, YES you can refinance, and because you have been responsible with your finances you might get the royal treatment, you just need to be careful and choose wisely who you give your money to.
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Is mortgage refinancing a doable solution now days?
