Home loan refinancing surges with mortgage rates at historic lows…

What should you ask before you refinance your mortgage?

The labor market fallout and economic uncertainty due to pandemic has put off some would-be buyers and sellers.

US homeowners are seizing on the lowest average mortgage rates on record to refinance their mortgages.

Americans refinanced nearly 2 million home loans from January through April, more than double the same four-month stretch in 2019, according to real estate data company CoreLogic. And “cash-out” refinancing, when homeowners withdraw equity from their home’s value, typically to pay down higher-interest debt or cover remodeling expenses, rose more than 70 percent from a year earlier.

Mortgage refinancings are outpacing home purchase loans this year, in part because the labor market fallout and economic uncertainty due to the coronavirus pandemic has put off some would-be buyers and sellers.

“The refi share is through the roof,” said Frank Nothaft, chief economist at real estate data firm CoreLogic. “It’s way up from a year ago and it’s accounting for the bulk of lending.”

What should you ask before you refinance your mortgage?

Read Full Article Here: realestate.boston.com

 

 

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