Mortgage Refinancing Burbank CA

With Declining Home Prices And Increasing Lenders Guidelines Many Homeowners Are Still Qualifying For Mortgage Refinancing Burbank CA


Housing prices are on a drastic decline and lenders guidelines are rapidly increasing but many homeowners are still able to get approved for mortgage refinancing Burbank CA. The homeowners that are able to qualify for mortgage refinancing Burbank CA are able to put themselves in a much better situation than they were before. Even with less mortgage refinancing Burbank CA options in the market there are still some competitive products that make sense for many homeowners.

Currently to do mortgage refinancing Burbank CA you have to have some type of equity in your home. To do traditional mortgage refinancing Burbank CA you will have to have 20% equity in your home and to do FHA government insured mortgage refinancing Burbank CA you will have to have only 2.25% equity in your home. This is very important because housing prices have fallen dramatically. In some areas of the country housing prices have dropped over 50%. This is because there has been so many short sales and foreclosures.

The worst part about the decreasing property values is that many homeowners have never missed a mortgage payment and are in outstanding financial circumstances but are not able to do mortgage refinancing Burbank CA. This is because they are upside down on their home. They are not able to sell because they will not get what they owe the bank and they are not able to refinance. This has become a major problem for homeowners that have to move out of their homes for reasons other than financial ones. Some people get relocated from their job and now have to short sale their house or carry to mortgage payments. This can be very frustrating for these homeowners.

For the homeowners that are able to qualify for mortgage refinancing Burbank CA they are able to lower their monthly payments dramatically. Also many of these homeowners that choose to do mortgage refinancing Burbank CA are doing it for other reasons besides their mortgage interest rate. Many of these homeowners are doing mortgage refinancing Burbank CA to get out of an adjustable rate mortgage and get into a fixed rate mortgage. Also some of these homeowners are doing mortgage refinancing Burbank CA to pay down the principal of their loan faster.

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