Survey: 80% of Homeowners Concerned about Refinancing

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Survey: 80% of Homeowners Concerned about Refinancing”

 

No matter how much I may think refinancing is a good idea for many homeowners, many are reluctant to start the process.

I spoke to Elizabeth this morning. Her parents had suggested she contact me to discuss a refinance to lower her interest rate. She originally closed in January 2009, did an FHA loan, with a rate of 6.5%.

She shared with me, that she was reluctant to begin the process, as she said, it was tedious last time around. All of us hear this all the time, as some loans are not easy to do.

 

moving forwardI told her we could do a streamline FHA loan, which required no appraisal, no income verifications and no assets. That we can refinance the existing mortgage only and closing costs need to be paid out of pocket. How much? I estimated $4,400. I loved her comment, where do I sign?

 

Her savings will be $316 per month, which means, that the costs are paid off in 14 months. That is a great return on invest.

 

Survey: 4 Out of 5 Homeowners Shy About Refinancing

Despite recent gains, homeowners still feel antsy about the housing market, with 4 out of 5 home-owning Americans unlikely to buy or refinance their homes, according to a recent poll.

 

Union Plus, an arm of the AFL-CIO, conducted the survey with Harris Interactive. The findings? Only employees between ages 18 and 34 felt interested in making a housing investment over the next 12 months.

“With only 18 percent of working families willing to invest in buying new homes, what this poll tells us, first and foremost, is

that we need to help working Americans feel confident about investing in housing,” Union Plus President Leslie Tolf said in a statement.

According to the survey, 53 percent of respondents felt worried that “closing costs for purchasing or refinancing a home are too high.”

With the election season in full swing, the Obama administration will reportedly try to further expand the Home Affordable Refinance Program, which underwent two successive modifications earlier this year.

In tandem with the survey, Union Plus announced a mortgage program to help make the refinancing and purchase processes more affordable for their members.

According to a release, Union Plus provides first-time homebuyers with a $500 Union Plus “Welcome to Your First Home Award” that includes interest-free loans and grants to assist with mortgage payments in instances of unemployment.

“Union Plus offers a mortgage program that gives union families the opportunity to take advantage of the savings they can get by buying or refinancing at extremely low rates, while offering them a unique safety net to protect them against economic hardship,” Tolf added.

image: renjith krishnan/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

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Tags:
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Ambassador
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Tammy Lankford
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Your Lake Sinclair Expert (706-485-9668)

I actually did look into the process.  But at this point I've decided it's not really worth it. But I'm years deep into my mortgage and paying mostly principle at this point.

Sep 07, 2012 12:08 PM #1
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Joe

When someone is considering refinancing they need to use services of a professional.

Good luck and success.

Lou Ludwig

Sep 07, 2012 12:47 PM #2
Rainmaker
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Lisa Von Domek
Lisa Von Domek & Associates LLC Team at Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Joe,

Excellent post for wary consumers...with the right mortgage professional, refinancing is not difficult to do!

Sep 07, 2012 03:07 PM #3
Rainmaker
577,390
Hella Mitschke Rothwell
(808) 226-1095 or (831) 626-4000
Hawaii & California Real Estate Broker

Joe: You spell it out very clearly. Do you do refinancing for California clients as well?

Sep 07, 2012 05:14 PM #4
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Joe FHA refinances are saving homeowners a ton of money.  Good job on this one.

Sep 07, 2012 05:20 PM #5
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Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional, 931-920-6730 - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Joe, You make it sound so easy. No wonder these borrowers have such confidence in you and your abilities

Sep 07, 2012 06:48 PM #6
Rainmaker
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Joe.  Isn't it all about selecting the right professional.  They make it look easy.

Sep 08, 2012 03:56 AM #7
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Joe Petrowsky

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