Mortgage rates for beginngers
As a result of the credit crisis, however, lenders have adopted much stricter lending requirements than they had just a year ago. They now require higher credit scores and more equity, which means that many who may have qualified for refinance in past years may not qualify now. Many property owners in the parts of the country where values have dropped radically are struggling to meet the equity requirements for a refinance. They now have less equity and may not qualify for refinancing for that reason. Consumers who are considering refinancing their mortgage loans should review their credit reports and credit scores, as well as the amount of equity in their current mortgage loans.