Thursday, March 06, 2008

Borrowers Hitting Refinance Snag

The Journal had an overview piece today regarding "new" difficulty that borrowers are facing when trying to refinance a primary mortgage if there's a second or home equity line also on the property.

In the latest sign of how the credit crunch is hurting even borrowers with good credit, some home-equity lenders are starting to slam the door on homeowners who want to refinance their primary mortgages.

In some cases, homeowners who in the past would have been easily approved for a mortgage refinancing are finding that they can't get their home-equity lender to give the go-ahead, which is required to complete the transaction. Others are being told by their home-equity lender that they need to reduce the size of their loan or line of credit.

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