Mortgages, refinance have been hot topics these days. Our loan officer has been very busy these days. She used to to get back to me very fast after I ask her a question, but recently she has been very slow to respond, then I found out that the application for new loan has increased 30% and refinance has increased 50%, so right now it is a very good time to either buy a new place since the price has been dropping down a little bit or to refinance if you have a good credit and your house value has went up. If your house value does not go up, maybe it’s better to hold off and not doing the refinance as since the it’s tighter to get a new loan right now, if you do not have a good occupation or have a good credit, you may not be qualified to get a new loan. Then it will be a big disaster. So only if your house price went up or stays at the same value, you should consider the refinance, which could be quite benefit to you. Such as our condo, we have refinanced 4 months after our purchase and reduced the monthly fees by $500 per month, including the property tax and mortgage fees.
Posted on March 3rd, 2008 | filed under Uncategorized | Trackback |
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