| Michael Fratanponi, senior director of 1st metro mortgage family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the third quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In other 1st metro mortgage one-half of those borrowers who paid off their original loan and took out a new one had an interest rate on their old loan that was at least nine percent higher than the new interest rate. Years of historically low interest rates have enabled Californians to save millions of dollars by refinancing their mortgages. But what few homeowners 1st metro mortgage is that refinancing exposes them to greater losses if lenders foreclose on their property. As long as homeowners retain their original mortgage, a little-known state law prevents lenders from going after more than just the home. Refinancing frees lenders to go after cars, savings and brokerage accounts, unrelated real estate holdings and other assets to 1st metro mortgage up the difference -- even if it takes a decade or more to square the debt. The risks are small when home values are zooming as they are today. But some experts warn that could change if the state's housing market stumbles or if there is a major natural disaster, such as an earthquake. Lenders 1st metro mortgage will get more |  |
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