A little corner to discuss refinance rates
According to the Mortgage Bankers Association, applications for refinance at the end of November had increased by 200 percent from just the week prior. Many of those applications, however, are being denied. The problem for many homeowners looking to refinance is the decline in home values and the tightening of lending standards. Those who recently bought a property in areas that have experienced significant decreases in home values, are dismayed to learn that they now do not have the equity to qualify for a refinance. On the other hand, those who do have enough equity for a refinance, should consider locking in the low rates now.