Homeowners Refinance to 15-Year Loans to Rebuild Equity

For homeowners who can afford higher mortgage payments, refinancing to a lower interest rate on a 15-year mortgage loan could increase the equity in their homes. “Some borrowers who don’t meet minimum equity requirements to refinance are making up the difference with money from their savings accounts, said Keith Gumbinger, vice president of HSH Associates, a loan-data firm in Pompton Plains, New Jersey. Others are completing cash-in refinance deals to avoid mortgage insurance.” While refinancing may not be the best option for all homebuyers in the current economy, knowing what options are available will help empower homeowners to make the decisions that are best for them. http://bloom.bg/kiuqhU

Share this article: