A little corner to share thoughts on mortgage rates
Deciding if mortgage refinancing with the current low rates makes sense for you can be confusing. The most important thing to note is if your home is now valued at less than you owe on your mortgage. Some homeowners in areas hardest hit by plummeting values are in this situation. You will not be approved for mortgage refinancing if your current mortgage is higher than the value of your home. And many banks are now requiring that you have at least 20 percent equity in your property before you can even be considered for mortgage refinancing.