Home Refinancing: Not As Easy As It Used To Be - 47 ABC - Delmarva's Choice

Home Refinancing: Not As Easy As It Used To Be

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SALISBURY, Md- Refinancing may seem like an obvious choice . . . You built up your credit, interest rates are low, but mortgage experts say the process just isn't what it used to be.

Shawn Hunt, a loan officer at MNET says, "The big thing that's changed from what a lot of people think . . . 10 years ago property values were going up, so there was equity in a home."

After the market took a nose dive back in 2008, it was reported that in 2010 there were more than one million home repossessions and nearly three million foreclosures. Because of that, federal guidelines are tighter than ever.

"Today we're in a place where property values have come back a little bit . . . what they owe in a home compared to what a house is worth," says Hunt.
 
Most people refinance their home to lower their mortgage payments or get cash flow for home improvements. Fortunately, for people here on Delmarva, we're told that the approval process isn't as tough as it is for others around the country.

Hunt tells us, he handles things on a case by case basis. "The computer can tell me numbers all day long about where they qualify, but my biggest thing is comfort and security."

So if you don't feel comfortable making certain monthly payments, experts say you shouldn't. Brokers tell us if you're looking to refinance your home now, focus on building credit and decreasing debt.

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