Reports: Refi Numbers Low Despite Low Mortgage Rates

Reports: Refi Numbers Low Despite Low Mortgage Rates:
Portland Condos.   Here is an Interesting article frin DSNews about although interest rates are at an all-time low the number of refinancing are not as high as expected.  The last paragraph I find quite true with many of our Portland Condos and home owners including myself, “This illustrates how big a restraint it is that almost half of mortgage borrowers can’t qualify to refinance because, thanks to the collapse in home prices and tighter lending standards, they don’t have the 20% in home equity needed to qualify,” the research firm observed”  If you own a Portland Condo or Loft that perhaps you financed most of the condo and or decreased in value during the recession  the 20% equity needed to refinance it challenging unless you actually bring money to the closing of the refinance or sale of your Portland Condo.  In addition the lenders “box” has become so tight it eliminates many Portland condo owners that we either give up trying or worst not even try at all.  My thoughts with this is when are the banks going to loosen up the credit so that the other half of those who would like to purchase or refinance their Portland condo can do so?  This would most certainty help the economy as the article mentioned.   The pendulum has swung so far over to such strict guidelines hopefully it swings somewhere in the middle so whether you want to refinance your Portland condo or purchase a new condo you have the ability to do so!  Full the full article  Reports: Refi Numbers Low Despite Low Mortgage Rates.

Becky Scharf

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