Now It Is Easier to Purchase and Refinance

Many individuals have had a hard time receiving a mortgage and/or refinancing over the past few years due to lending criteria.  With current economic developments and government program adjustments, individuals are expected to find it easier to get mortgages and/or refinances.  Recent data reports that the average lending credit score as of a year ago was 720, while today it has dropped to around 680.

For homeowners who owe more on their property than the property’s value, it has been hard to refinance.  These individuals are seen as a risk.  However, according to the U.S.  Department of Housing and Urban Development (HUD), property values are rising.  With values rising, homeowners have a better chance of refinancing with their home’s equity.

real estate loans

One government program, HARP, was designed to help underwater homeowners refinance to a lower interest rate.  This program was originally set to end on December 2013, but it has been extended to December 31, 2015.  In addition to HARP, there are other government programs to help in these circumstances, such as the Home Affordable Modification Program (HAMP) and the Streamlined Modification Initiative (SMI).  With improvements in the real estate industry, individuals may be able to find it easier to be approved for mortgages.

What is holding you back from purchasing and/or refinancing a real estate property?

If you are looking to purchase or refinance a home, call ReCasa Financial Group today at 614.221.6770, to see what programs are available to help you.