If you’re looking to refinance your mortgage loan in light of today’s low-interest rates, homeowners in these states have the best shot:
According to new data, a whopping 75% of refinance applications are getting approved nationally, with homeowners in some states seeing even higher rates of approval.
Refinance applications are approved the least in New Mexico, where just 66.5% of homeowners get the green light. The state claims one of the lowest home value appreciation rates in the country at 8%. “The availability of a lower interest rate is only one of the conditions needed to refinance a mortgage,” Kapfidze said. “Borrowers often need to have some equity in their home, especially if they want to take cash out, and a solid credit score. Fortunately, increases in home prices since 2012, combined with paying down their loan balances, means many borrowers have built considerable equity in their homes.
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