Watch out – refis are back!
Bank of America – everyone’s favorite bank – reported a 47% jump in the 1st quarter for cash out refinancings funded compared to 1st quarter 2014.
Loan Depot, a non-bank mortgage originator, saw a 78% jump!
Lending Tree had a 40% increase.
Conversely, lenders like Wells Fargo and Quicken Loans are not experiencing anything like this. What’s the deal? Looks like there is demand and certain lenders are rising up to meet that demand. Standards are tougher, and it appears most people are paying down higher interest debt or remodeling their homes – not buying cars and going on vacation like folks were in the pre bubble days.
If you have substantial home equity, may be worth a call to your lender and investigate.
Source: Ken Harney, Washington Post Writers Group.
