{"id":1320331,"date":"2020-06-03T17:43:36","date_gmt":"2020-06-03T23:43:36","guid":{"rendered":"https:\/\/www.postindependent.com\/?p=996967"},"modified":"2020-06-03T17:43:36","modified_gmt":"2020-06-03T23:43:36","slug":"theres-more-to-refinancing-than-low-mortgage-rates","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kske\/local-news\/theres-more-to-refinancing-than-low-mortgage-rates\/","title":{"rendered":"There\u2019s more to refinancing than low mortgage rates"},"content":{"rendered":"<figure class=\"wp-block-image p402_hide\">\n<div class=\"caption-container\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"691\" height=\"443\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2019\/10\/PI-housing-news-small.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Post Independent housing real estate news graphic\" srcset=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2019\/10\/PI-housing-news-small.jpg 691w, https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2019\/10\/PI-housing-news-small-300x192.jpg 300w\" sizes=\"auto, (max-width: 691px) 100vw, 691px\"><\/p>\n<\/div>\n<\/figure>\n<p>Mortgage rates are very low, so it must be time to refinance your home, right?<\/p>\n<p>While that will be the case for some borrowers, local lenders are taking a cautious stance.<\/p>\n<p><strong>It depends<\/strong><\/p>\n<p>\u201cWhen you quote a rate, everybody wants the lowest rate, but it depends on the purpose of the loan, the occupancy of the property, is it a single family, is it a condo, is it a manufactured home, what\u2019s your credit score, what\u2019s your down payment \u2026 There are about 16 criteria just to quote a rate,\u201d said Linda McKinley, branch manager of Fairway Independent Mortgage Corp. in Glenwood Springs.<\/p>\n<div class=\"row\">\n<div class=\"col\" readability=\"6\">\n<div class=\"row gspi-donation gspi-donation-mobile p-0\" readability=\"7\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/03\/PI-logo-white.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.postindependent.com\/wp-content\/uploads\/sites\/6\/2020\/03\/PI-logo-white.png\" class=\"logo m-0 p-0 invisible\"><\/p>\n<\/div>\n<\/div>\n<p><h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\" onclick=\"handleDonationButtonClickMidArticle()\">Donate<\/button><\/p>\n<\/div>\n<p><\/div>\n<\/div>\n<p>\u201cThe profile of the buyer determines what rate they\u2019re getting. Credit score is a big factor,\u201d as are how the loan compares to the value of the property and what the borrower\u2019s debt-to-income ratio is, said Mike Picore, area sales manager for Bay Equity Home Loans in Glenwood Springs.<\/p>\n<p>\u201cIf you have a low credit score with low money down and high debt ratios you might not fall into that perfect category,\u201d he said.<\/p>\n<p>\u201cIt\u2019s hard to say one size fits all and everybody should go out and refinance, because there are so many variables,\u201d said Ian Bays, Alpine Bank regional president based in Carbondale.<\/p>\n<p><strong>Where are rates going?<\/strong><\/p>\n<p>\u201cRates are at historical lows right now,\u201d Picore said.&nbsp;<\/p>\n<p>Borrowers may wonder if this is a short-term window or a longer trend.&nbsp;<\/p>\n<p>\u201cIf any of us had that crystal ball we\u2019d probably be in a different line of business. \u2026 We just don\u2019t know, things change so quickly now as we\u2019ve seen with COVID,\u201d Bays said.<\/p>\n<p>Picore, however, is confident that rates will stay low in the near future.<\/p>\n<p>\u201cRates should stay low, because the government is trying to keep mortgage rates down because it\u2019s the fastest way to get the economy back on its feet,\u201d Picore said.<\/p>\n<p>McKinley has a particularly optimistic outlook on mortgage rates.<\/p>\n<p>\u201cRates are pretty low, and they\u2019re most likely going to go lower. That\u2019s my feeling based on webinars, meetings, the articles I\u2019ve read \u2014 the rates are continuing to trend down. \u2026 Everybody is scared they\u2019re going to miss out on them, and that\u2019s not going to happen,\u201d she said.<\/p>\n<p><strong>Busy time<\/strong><\/p>\n<p>The low rates have kept local lenders\u2019 hands full.<\/p>\n<p>\u201cWe\u2019ve been extremely busy,\u201d Picore said.<\/p>\n<p>\u201cWe\u2019re probably at least double where we were last year at this time,\u201d McKinley said.<\/p>\n<p>She pointed out that appraisers are also very busy.<\/p>\n<p>\u201cThere\u2019s so much volume, and the appraisers in our valley can only handle so much,\u201d she said.<\/p>\n<p><strong>Advice from the professionals<\/strong><\/p>\n<p>Local lenders agree it\u2019s worth looking into refinancing with rates as low as they are.<\/p>\n<p>\u201cRates are extremely low, and it is a great opportunity for a lot of people. \u2026 Each individual really needs to take stock of where they\u2019re at, what their income looks like, what their debt load looks like and talk to somebody who\u2019s knowledgable in the area and can help them navigate that,\u201d Bays said.<\/p>\n<p>\u201cAny time you hear that rates are at all-time lows you should definitely check with your bank and mortgage lender and see what opportunities are out there, because there are a lot of programs and a lot things that your local bank or lender could possibly look into that could save you a lot of money,\u201d Picore said.<\/p>\n<p>McKinley pointed out that when considering refinancing, low rates aren\u2019t the most important thing.<\/p>\n<p>\u201cGet all your ducks in a row, determine how long you\u2019re going to be in the house, determine if your income\u2019s going to continue, where it\u2019s been, look at all of your debt, not just the mortgage, then meet with a professional to review all of your options. Don\u2019t just chase that lower rate, because the lowest rate on the wrong product or on the wrong structure will cost you more than a higher rate,\u201d she said.<\/p>\n<p><em><a href=\"mailto:cwertheim@postindependent.com\">cwertheim@postindependent.com<\/a><\/em><\/p>\n<p> <a href=\"https:\/\/www.postindependent.com\/news\/theres-more-to-refinancing-than-low-mortgage-rates\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: Post Independent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are very low, so it must be time to refinance your home, right? While that will be the case for some borrowers, local lenders are taking a cautious stance. It depends \u201cWhen you quote a rate, everybody wants the lowest rate, but it depends on the purpose of the loan, the occupancy of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[160],"tags":[],"class_list":["post-1320331","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-09-03 19:55:24","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSKE Ski Country","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kske","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1320331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/comments?post=1320331"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/posts\/1320331\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/media?parent=1320331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/categories?post=1320331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kske\/wp-json\/wp\/v2\/tags?post=1320331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}