Mortgage payment calculator The basics
Others are taking advantage of the low rates to refinance their current mortgage loans. As a result of the credit crisis, however, lenders have adopted much stricter lending requirements than they had just a year ago. Unfortunately, fewer people are eligible for the lowest rates due to higher credit score and down payment requirements. Many property owners in the parts of the country where values have dropped radically are struggling to meet the equity requirements for a refinance. They now have less equity and may not qualify for refinancing for that reason.