Site Security
Facebook
RSS Feed
Twitter
Featured Offer
Fewer in South Florida can qualify for refinancing
Record-low mortgage rates offer a great opportunity to refinance, but tighter lending standards have made many homeowners in South Florida ineligible to do so.
Lenders are typically hesitant to deal with borrowers that have questionable credit histories or unstable income. As a result, about half of the borrowers in the region find themselves unable to qualify for refinancing, reported the Palm Beach Post.
Many mortgage providers in South Florida have upped the minimum qualifying credit score for a low-rate loan to 740, whereas a 680 score would have sufficed just two years ago. Most banks are running multiple income checks, a major roadblock in an area of the state where unemployment ranges from 10.1 percent to 12.8 percent, according to the paper. Additionally, the region’s high surplus of depressed home values has left many paying off loans that are worth more than the value of their home.
These homeowners could have time to rebuild their credit and develop a stable source of income. Real estate analyzer CoreLogic told the paper that rates are expected to stay low into 2011.
Last week, Fannie Mae announced that the interest on a 30-year fixed-rate mortgage is at its lowest rate ever.
Hello can I use some of the insight found in this blog if I reference you with a link back to your site?
My brother and I were just discussing your very topic, he is continually attempting to prove me completely wrong. Your current view on this is fantastic and exactly how I feel. I just emailed my brother this page to show him your own view. After overlooking your blog I added and will be coming back to read your updates!
My brother and I had been just debating your very topic, he is continuously looking to prove me completely wrong. Your own view on this is wonderful and exactly how I truly feel. I just e-mailed my brother this site to demonstrate him your current view. After overlooking your blog site I bookmarked and will be returning to read your updates!