Home Financing Articles:
How to Qualify for a VA Home Loan
Lowest Home Loan Rates Online
Best Bank Mortgage Rates
Cash Out Refinance
Are you struggling with high-interest debts, wanting to fund a retirement or education plan, or needing to purchase a new car? Chances are that you have untapped equity in your home, and you can borrow against this equity for whatever reason. A Cash-Out Refinance can be an excellent option!
It's frustrating to have financial difficulties, and a Cash-Out Refinance can be a solution to such problems.
Interest rates are beginning to rise, so you can't afford to let another day pass you by!
We are dedicated to making sure that your cash refinancing experience is as easy and enjoyable as possible. Let us help you realize your housing dreams now, and be on the way to financial freedom!
At Smart Home Mortgage Loans, our first priority is to help our customers explore all the options and loan programs for their individual needs.
Subprime Cash Out Refinancing Increases Online Home Loan Applications
In a recent article, James Comtois considers the number of mortgage refinance and home equity loan applications in 2006 and 2007. He noted that cash out loan applications rose 21% in June compared to June 2006. According to a new survey conducted the increase in online mortgage applications was attributed largely by the activity of subprime borrowers looking for cash out and fixed rate refinancing.
According to ComScore Inc.'s study, which examined how consumers with different credit ratings shop and apply for home loans online, the growth in online home loan applications was driven by a 66% increase in home mortgage applications, where growth among subprime applicants, at 73%, outpaced growth among prime applicants at 58%.
Mortgage refinance loan applicants grew 26% overall during this period, with the growth rate among subprime borrowers at 44% more than tripled that of the prime applicants at 14%. At the same time, the number of home equity application dropped as the home values were reduced in most real estate markets across the country.
Request a FREE Mortgage Quote online and learn how a debt consolidation loan could save you over $4,000 per year!
Question: When can I lock-in my rate?
Answer: You can lock or float your interest rate at any time during the process of your loan. The Loan Officer will discuss these options with you upon taking your loan application. If you are submitting your loan application via the Internet, a loan officer will be contacting you to discuss your interest rate lock or float options.