Home price declines are now so severe they have erased all home equity for more Americans than ever before. Home equity numbers have been recorded starting at the end of World War II and are now at there lowest level in history. For many home owners, their mortgage debt actually exceeds their home’s value…what is called negative home equity.
I have a bit of mortgage refinance advice that will sound so obviously beneficial, and yet it is rarely followed. Before that, let me ask you a few questions about your last mortgage refinance.
“Did you only look at lowering your payment as the primary determining factor as to whether the refinance was “beneficial” to you?
The idea perpetuated by the no cost refinance advertisers primarily that no cost refinances even exist, is just mean. This no cost refinance fantasy will be put to rest here and now.
I estimate half of the people I have discussed mortgage refinancing with over the last year have wanted to know more about the no cost refinance loans they saw on TV or heard on the radio.
We are hearing a lot lately about how the subprime lenders are dying due to the default rate inherent in loan programs which are primarily adjustable rate with lax income verification and/or credit requirements. This is where most people who don’t have a subprime loan start nodding off…snoozzzzZZZZ.
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