Low mortgage rates have more refinancing - WALB.com, Albany News, Weather, Sports

Low mortgage rates have more refinancing

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By Jennifer Emert - bio | email

January 23, 2009

ALBANY, GA (WALB) - With mortgage rates slipping below five percent, a lot of homeowners are lining up to refinance their loans.

Mortgage lenders say they've seen an increase in the last several months of home owners interested in refinance because of the low rates. If you have a mortgage and haven't re-financed in the last six months, it's in your best interest to call your lender and see if you qualify.

"We like to sit down with them and go over it in a case by case basis, but look at the cost to the borrower what they're interest rates are now and see if its most beneficial for them," said Lowell Samples, Albany Bank & Trust.

Home owners looking to consolidate debt, may face a tougher time. Lenders say because their burden is tighter, fewer are qualifying.

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