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Refinancing Home Loans in 2013: Should You Wait? Signs Point to "No"

 
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Newport Beach, CA -- (SBWIRE) -- 12/07/2012 -- Money Magazine has published a collection of advice and observations titled, “Make More in 2013”, which includes some interesting words about the housing market. “After five years of tumult, order and opportunity are finally being restored...” says Money writer Carla Fried.

She also says, “Home prices are expected to rise a modest 1% from the fourth quarter of this year to the end of 2013, according to the real estate research firm Fiserv. David Stiff, Fiserv's chief economist, notes that after some choppiness early on, prices should increase 3.4% from the second quarter of 2013 to the second quarter of 2014. In hotter regions out West, you can expect bigger gains.”

Money quotes Stiff’s observations that "Housing is finally turning the corner...There is no reason to be fearful of further large price declines."

As we’ve stated in other blog posts, rising home prices have a direct influence on refinancing loans in the markets where those prices are on the way up. Borrowers find themselves with growing equity in their mortgages once more and those who were under water this time last year will find themselves above water eventually--if not already.

Applying For A Refinance Loan
Applying for a refinance loan now means different things to different loan applicants. For those who apply for Streamline FHA or VA refinance loans, it means getting a head start on the worst-case scenarios related to the fiscal cliff; a lower monthly mortgage payment after refinancing means offsetting any loss of take-home pay due to tax increases or changes to the mortgage loan interest rate deduction.

For those who want cash-out refinancing, rising equity is obviously a good thing. For those who are simply looking for a more advantageous interest rate, conditions couldn’t be better for applying, but some mortgage finance experts aren’t sure how long these record-low rates will be around. Is the time right for you to move forward on a home loan refinance application? Take a look at your financial needs and goals today and see.

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