This surprises me that 2/3rds of the mortgages written today are still refi’s but according to the New York Times which is quoting the Mortgage Bankers Association, apparently that’s the case. What is different about refi’s today is that fewer people are taking money out of their homes. That’s not a big surprise given the drop in home values across the country.
The New York Times article does a good job of explaining what you can expect if you are thinking about refinancing your home today. If you haven’t refied in a couple of years, you will find that it’s significantly more laborious and there is much more scrutiny of the information you provide.
If you want to know more about refinancing today, you may want to check out Alex Stenback’s blog at Behind The Mortgage.