2007-10-30 03:00:46 · 4 answers · asked by louisiana lover 3 in Business & Finance ➔ Renting & Real Estate
House prices are falling, not mortgage rates. In fact, mortgages are getting harder to obtain - one reason house prices are falling. Watch the interest rates to determine if refinancing would help you.
2007-10-30 03:09:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The decision to refinance should be based on interest rates. Rule of thumb is if you can reduce your interest rate by a full point or more, then it is usually worth it. As to the drop in pricing, you could very well find out that you are trying to refinance a mortgage that is more than the current market value of the property. This could be the case if your current mortgage was taken out within the past year, as the year over year drop in pricing would translate into you home being worth less than is was a year ago.
2007-10-30 10:13:57 · answer #2 · answered by Gary H 3 · 0⤊ 0⤋
No because, especially if you financed for 100% you most likely owe more than the home is worth. Just because prices are falling that one does not change what you owe on it, and does not have any impact on what mortgage rates are.
2007-10-30 17:45:34 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
With prices declining, IF you are considering a refinance because it makes sense to do, do it now and don't wait. You might not qualify for a refinance if your home's value decreases to a certain total loan-to-value ratio. http://www.choicerealestate.net/
2007-10-30 11:25:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋