Health & Fitness
Mortgage Q&A:
Chip Poli, CEO of Poli Mortgage Group, Inc. answers common mortgage questions from consumers.
I'm looking to refinance but I don't have any equity built up. Is this a problem?
Unfortunately not having enough equity normally causes problems with refinancing. The key word is enough. If you have as little as 10 percent equity there is a good chance a refinance may work for you. Check with your mortgage professional for more information.
Where are the mortgage rates compared to this time last year?
Find out what's happening in Plymouthfor free with the latest updates from Patch.
Interestingly enough the interest rates are at a very similar place that they were a year ago. The key thing to understand is that rates change every day and there could be a pretty big difference week to week. As an example, according to HSH, the largest publisher of mortgage information, throughout 2010, the 30 year fixed rate mortgage rates moved up and down quite a bit from a low of 4.694% to a high of 5.580%.
In comparison, according to HSH the average rate for a 30 year mortgage in the month of May 2011 was 4.92%. Remember, every mortgage situation is unique and rates vary by type and size of loan as well as other factors like credit score and appraised value. Your mortgage professional can give you accurate quotes on your specific situation at any time.
