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Refinancing continues to be a hot topic. Many homeowners who are planning to stay in their homes for the long term are trying to find ways to lock in record low interest rates. Some borrowers are running into qualification issues for the first times in their lives. They are discovering they do not have enough income to refinance the home they have occupied the past several years, even though the new loan comes with a lower interest rate. Loan representatives are reporting that their biggest challenge in the past 15 months has been explaining to existing customers that they “can’t even qualify for a mortgage under 5 percent.”
NEW YORK – Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades. The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.
With mortgage rates at historic lows, a lot of people are interested in refinancing their home loans. When does it make sense to do it? Many financial professionals have suggested a very general rule of thumb that if you can save 1 percentage point off your interest rate, it probably makes sense.