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What is Mortgage Refinancing?

When interest rates fall, homeowners have an opportunity to save money by redoing or "refinancing" their original home mortgage. For many people, mortgage refinancing is the quickest way for them to increase their savings. For example, if a homeowner refinances from a 5.25% to a 4.25% and their payment decreases by $200, their savings increases $2,400 a year. This borrower would be saving $24,000 after ten years simply by taking advantage of the current mortgage refinancing rates.

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With the economy teetering on a "double-dip recession," banks have lowered rates for mortgage refinancing for the 9th time this year. Some borrowers who refinanced earlier this year are back in line to start the process all over again because of the opportunity to save money with reduced interest rates.

The bottom line is that if homeowners can lower their monthly payment without incurring new costs they have no problem beginning the mortgage refinance process again.

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Once again the volume mortgage refinance applications increased last week by nearly 17% compared to the previous week. According to the Mortgage Bankers Association, the biggest surge came from mortgage refinancing applications as homeowners were racing to lock into the fixed interest rates.

Learn from the Pros When to Refinance a Mortgage!

According to a recent survey of mortgage lenders, the two biggest obstacles for consumers seeking refinancing are 1. Equity - Most homeowners do not have enough equity to meet the requirements for refinancing.) 2. Credit Unfortunately millions of borrowers have been reported late and their credit scores have dropped. Bad credit mortgage options are few and far between.

According to a Bank Rates' survey released earlier this week, the fixed fifteen-year mortgage averages 3.61%, while fixed thirty-year mortgage averages 4.375%. The non-conforming 30-year mortgage fell to a record low at 5%.

Mike Fratantoni, MBA's vice president of research and economics, said in a statement "Over the past month, applications for home mortgage refinancing have surged by 23%." Fratantoni continued, "Refinance applications for non-conforming loans rose by almost 45% relative to last week.

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