Mortgage rates An online exploration
The biggest hurdle for applicants in the areas of the country where values have dropped the most is having enough equity. One of the goals of the new government housing aid plan is to assist those responsible homeowners who no longer have enough equity, due to a decrease in the value of their homes. Consumers who are under water with the mortgage, however, will not qualify to refinance with the program. Those who have at least 5 percent equity in their homes will qualify. Some consumers think the home mortgage rates will decrease even more, so will wait to refinance until then.