Posted by PJM/MI on 2/16/07 10:06am
Msg #175995

The mortgage world

Just for "kicks & giggles", I called a couple of mortgage brokers yesterday to see about a possibe re-fi. (Did not give my ss#..no more hits on credit report!).
I was told by three of the lo's to NOT re-fi. (I've got a good mortgage right now).
Here is what I was told:
The housing market is SOFT (especially here in MI).
There are more houses for sale and in foreclosure than in the past 3 yrs.
Appraisal values are down due to the housing market. If a person re-fi'ed a yr or two yrs ago, the appraised value is not going to come in where it did back then.
Interest rates are not what they were even a yr. ago.
Now if I am being told to NOT re-fi (which I am not going to do anyway), just think what other people are hearing.. the EXACT same thing. I think it may not be as easy to get re-fi'ed as it was just a few months ago. Applications are up, but that doesn't mean the loans are going to go through.
JMHO

Reply by PL on 2/16/07 11:27am
Msg #176011

Re: The mortgage world in Michigan

In today's paper here, the headline was home prices up again beating the average. The West coast is still desirable and home valuations are showing it. I will say though once the tide turns, it turns quickly and decidely, but for now everything is still good.