5 Pitfalls of Refinancing

5 Pitfalls of Refinancing

With mortgage rates hovering near record lows, a growing number of homeowners are racing to refinance — only to find the process riddled with obstacles.

For one, homeowners often have to wait months before they can secure a new loan at a lower rate, The Wall Street Journal reported in May. But on top of that, credit requirements remain tight, so borrowers approved for mortgages before the downturn might not pass muster now. Read More