Can I Refinance Now and Get A Fixed Rate?

Homeowner ask, how does the current economic situation reflect on mortgages and homeowner’s ability to refinance their home loans? Can refinancing be done is today’s economy? Who will refinance my home loan? If you have a home loan with Washington Mutual, will Chase refinance Washington Mutual loan? What is wamu mortgages foreclosure timeframe? How will bail out plan affect mortgage refinance? Is my equity loan safe? How Does Wall Street Affect Mortgage and Refinance Home Loans?

The Wall Street does not directly affect mortgage and refinance loans. No does the Wall Street affect interest rates. Interest rates are controlled by the Fed. While it is difficult to predict mortgage rates in upcoming months with accuracy, the question that many ask is will the Fed lower refinance rates?

2003 was the peak of the refinance bubble with many homeowners grabbing 5/25 loans, meaning the rate is fixed for the first five years and then it becomes variable. It is no surprise many homeowners want to refinance at a fixed rate and get as low as possible fixed rate. Is that possible? How can I get a low fixed rate? What are the rates now? Can I refinance at a low fixed rate now? Can I refinance with bad credit? My credit score is 500, can I refinance?

Those are the questions to ask your lender. Different lenders will offer you different refinancing options, so it is advisable to speak with several lenders when you are looking to refinance your house and get a better rate.