We guess that the fact that young people are not interested in buying a home at once these days has been a big contribution to the fact that the housing industry has never truly recovered from the Great recession. This means that while the interest rates are still quite high right now, the percentage of new mortgages got lower… While it may fall in line with the kind of a wanderlust psychology that the current 20-somethings generation is all about, it is still a.
If we talk about economic theory and predictions, those factors should be resulting in a boom in mortgage refinancing. But locking in a deal is proving to be a challenge these days — even for well-heeled homeowners.
The reason for this is that low appraisals and tight lending standards are making it hard for many borrowers to refinance, even if they have good credit rate and substantial assets. Even those who meet these hurdles can face frustrating waits.
The good news is that borrowers still have something they can do.
By switching assets to your mortgage Borrower, cleaning up your credit and havign a better understanding of how the new government programs work, you can improve your chances of scoring a good refinance deal.
“The reward in the end is substantial, provided you can survive the process,” says a vice president at mortgage-data provider our experts.
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