I’m reading that you only need 10% equity in your home to refinance. It seems like last year that you needed 20%. What’s true?
You are correct. Many areas were labeled "Declining Markets" last year. the banks would not loan without big equity. That is easing today. The banks will loan a higher percentage. But the credit qualifying score has also increased so that is off-setting some of the leniency in the loan-to-value.
January 29th, 2010 at 5:59 pm
You are correct. Many areas were labeled "Declining Markets" last year. the banks would not loan without big equity. That is easing today. The banks will loan a higher percentage. But the credit qualifying score has also increased so that is off-setting some of the leniency in the loan-to-value.
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