Compare Refinance Quotes
National Mortgage Rates 14 February 2012
| Loan Type | Today | +/- | Last Week |
|---|---|---|---|
| 15 yr fixed | 3.10 |
|
3.12 |
| 30 yr fixed | 3.80 |
|
3.81 |
| 5/1 ARM | 2.73 | - | 2.73 |
Rates may contain points
Refinancing in a Tightening Market
- By:
- Greg Mischio - MortgageLoan.com
The fallout from the subprime mortgage crisis has affected the entire lending industry. To avoid any future problems with poor credit borrowers, many lenders are tightening their guidelines, causing a significant decrease in the refinance market. Nevertheless, there are several reasons why you still can-and should-refinance in a tight mortgage market.
Lenders like to keep loans out of foreclosure
If you're in rough financial shape, and a debt consolidation loan is the only thing that will pull you out of the red, contact your current lender. Talk to them about your financial problems, and show them how you think a mortgage refinance could improve your situation. If the lender sees that the alternative is foreclosing on your loan, it may agree to the deal. Lenders have had their fair share of foreclosures in recent times, and they'll be eager to avoid another one.
A boost for business
Loan production has been down for lenders lately, and they're eager for new mortgages. However, they can't grant miracles. They won't approve a loan if your credit is abysmal, or you don't have enough equity in your home to make the deal possible. But if you do have some equity and your credit is relatively good, a lender may leap at the opportunity.
Shop around
Ask a variety of lenders if they'll help you. The Internet is crawling with lenders, and you'll probably find scores of them listed in your yellow pages, as well. Shop around, and don't be discouraged if the first or second lender says no. With so many different banks and credit unions vying for your business if you're a good credit risk, you're bound to find a lender who's willing to help.
Assume the worst is over
Don't be scared off by the stories in the media of lenders tightening their lending guidelines. If you look hard enough, you may find financial institutions that aren't quite so stringent. They could be eager to hand out a mortgage refinance, and might be willing to work with you even if your credit is somewhat damaged. The only way you'll know for sure is to ignore newspaper headlines, and call lenders for yourself.
A tight market shouldn't stop a homeowner from searching for a mortgage refinance. By shopping around, you can find a lender who's eager to help a homeowner-especially one who wants to save money and improve his financial situation. The mortgage industry has definitely taken on some water over the past year or two, but it's far from sunk. Set your sails for a mortgage refinance. Chances are very good that you'll find a lender willing to give you safe harbor.
Low Mortgage rates is our mission
Bringing the best rates on the market to
you is our primary focus. Fill the form to get a quote based on your conditions.
/Mortgageloan.com
-
New Home
Looking to get on the property ladder? Discover your spending power. Get a rate quote today.
-
Debt Consolidation
Are your debt woes getting you down? Explore your options now by filling out our form.
-
Home Equity
Is fluctuating home value a constant cause for concern? Our advice - take out a new loan today.
-
Mortgage Calculators
Need help getting a grip on your expenses and finances. Try one of our 137 multipurpose calculators.
Call For Rates
800-419-1494
Speak to a lender now.
We will match calls to our toll free number with our network of lenders.
National Rates
| Loan Type | Today | +/- |
|---|---|---|
| 30 yr fixed | 3.80 | |
| 15 yr fixed | 3.10 | |
| 5/1 ARM | 2.73 |
Rates may contain points
Browse Mortgage Rates
Featured Guides
Browse our comprehensive guides to popular topics related to mortgage and personal finance.