Homes Regaining Equity as Home Prices Move Higher, Time to Refinance?

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Millions of homeowners haven't been able to refinance their mortgage even though refinance rates made record lows in 2012. If you bought a home during the height of the housing bubble, it's likely you haven't been able to refinance your loan because you don't have enough equity in your home. Watching mortgage refinance rates move lower the past 4 years without being able to refinance has frustrated many homeowners whose homes are "under water." Conforming 30 year and 15 year refinance rates made a series of record lows in 2012 as many homeowners were left seething on the sidelines.

Homes Regaining Equity as Home Prices Move Higher Time to RefinanceA report released by Corelogic shows 1.7 million homes regained equity in 2012 and if home prices increase another 5 percent, an additional 1.8 million homes will regain equity. While homes are more valuable now, prices have to move much higher in order for millions of more homeowners to refinance.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from First Internet Bank
First Internet Bank
https://www.brimg.net/system/img/inst/7814_logo.gif
300000
Refinance
4.329
4.250
USD
First Internet Bank Logo
NMLS # 424182
(844) 365 - 0483
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,506
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Valley National Bank
Valley National Bank
https://www.brimg.net/system/img/inst/10413_logo.gif
300000
Refinance
4.698
4.625
USD
Valley National Bank Logo
NMLS # 411254
at 0.100 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $2,219
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Triumph Bank Home Loans
Triumph Bank Home Loans
https://www.brimg.net/system/img/inst/9373_logo.gif
300000
Refinance
4.283
4.250
USD
Triumph Bank Home Loans Logo
NMLS # 258821
(877) 387 - 0897
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $863
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.739
4.625
USD
Ally Bank Logo
NMLS # 181005
(877) 252 - 6146
at 0.100 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $3,651
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Capital Bank N.A.
Capital Bank N.A.
https://www.brimg.net/system/img/inst/8589_logo.gif
300000
Refinance
4.328
4.250
USD
Capital Bank N.A. Logo
NMLS # 401599
State Lic # 401599
(877) 365 - 2711
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,477
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.311
4.240
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 0.100 pts
30 day lock rate
Est payment: $1,474.06
Fees in APR: $2,234
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
4.342
4.250
USD
CIT Bank Logo
NMLS # 541760
(877) 366 - 5354
at 0.100 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $2,970
Thank you for your inquiry! We look forward to working with you. 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.410
4.250
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 1.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,638
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.532
4.375
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 1.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $2,499
 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.698
4.625
USD
Flagstar Bank Logo
NMLS # 417490
(877) 387 - 5344
at 0.100 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $2,241
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.320
4.250
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,195
 
 
30 yr fixed Mortgage Loan from Valley National Bank
Valley National Bank
https://www.brimg.net/system/img/inst/10413_logo.gif
300000
Refinance
4.750
4.750
USD
Valley National Bank Logo
NMLS # 411254
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Triumph Bank Home Loans
Triumph Bank Home Loans
https://www.brimg.net/system/img/inst/9373_logo.gif
300000
Refinance
4.375
4.375
USD
Triumph Bank Home Loans Logo
NMLS # 258821
(877) 387 - 0897
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.625
4.625
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # 2925
(877) 388 - 2695
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.786
4.750
USD
Flagstar Bank Logo
NMLS # 417490
(877) 387 - 5344
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: $1,229
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.890
4.875
USD
Ally Bank Logo
NMLS # 181005
(877) 252 - 6146
at 0.000 pts
45 day lock rate
Est payment: $1,587.62
Fees in APR: $522
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.392
4.365
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 0.000 pts
30 day lock rate
Est payment: $1,496.09
Fees in APR: $956
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.394
4.375
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $675
 
30 yr fixed Mortgage Loan from First Internet Bank
First Internet Bank
https://www.brimg.net/system/img/inst/7814_logo.gif
300000
Refinance
4.500
4.500
USD
First Internet Bank Logo
NMLS # 424182
(844) 365 - 0483
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: None
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Capital Bank N.A.
Capital Bank N.A.
https://www.brimg.net/system/img/inst/8589_logo.gif
300000
Refinance
4.500
4.500
USD
Capital Bank N.A. Logo
NMLS # 401599
State Lic # 401599
(877) 365 - 2711
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.500
4.500
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.625
4.625
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.297
4.250
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,657
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.517
4.375
USD
Flagstar Bank Logo
NMLS # 417490
(877) 387 - 5344
at 1.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,676
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.178
3.990
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 1.100 pts
30 day lock rate
Est payment: $1,430.52
Fees in APR: $3,410
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Triumph Bank Home Loans
Triumph Bank Home Loans
https://www.brimg.net/system/img/inst/9373_logo.gif
300000
Refinance
4.281
4.125
USD
Triumph Bank Home Loans Logo
NMLS # 258821
(877) 387 - 0897
at 1.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $2,238
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
9.491
9.125
USD
CIT Bank Logo
NMLS # 541760
(877) 366 - 5354
at 1.100 pts
45 day lock rate
Est payment: $2,440.90
Fees in APR: $6,177
Thank you for your inquiry! We look forward to working with you. 
 
30 yr fixed Mortgage Loan from Valley National Bank
Valley National Bank
https://www.brimg.net/system/img/inst/10413_logo.gif
300000
Refinance
9.644
9.125
USD
Valley National Bank Logo
NMLS # 411254
at 1.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $10,000
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.193
4.000
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
at 1.100 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $3,563
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.667
4.625
USD
The Guilford Savings Bank
4.667%
12/14/2018
4.625%
at 0.250 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
5.162
5.125
USD
UniBank for Savings
5.162%
12/14/2018
5.125%
at 0.250 pts
60 day lock rate
Est payment: $1,633.46
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.900
4.875
USD
Union Savings Bank
4.900%
12/14/2018
4.875%
at 0.000 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.656
4.625
USD
LincolnWay Community Bank
4.656%
12/18/2018
4.625%
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.651
4.625
USD
United Bank
4.651%
12/18/2018
4.625%
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.670
4.625
USD
Liberty Bank
4.670%
12/14/2018
4.625%
at 0.250 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.773
4.750
USD
Savings Bank of Danbury
4.773%
12/14/2018
4.750%
at 0.000 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
5.066
5.000
USD
First National Bank of Omaha
5.066%
12/13/2018
5.000%
at 0.500 pts
60 day lock rate
Est payment: $1,610.46
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.829
4.750
USD
Bank of America
4.829%
12/17/2018
4.750%
at 0.460 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $1,351
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.915
4.875
USD
Citizens Bank, NA
4.915%
12/14/2018
4.875%
at 0.125 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.934
4.875
USD
Santander Bank, N.A.
4.934%
12/18/2018
4.875%
at 0.000 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.655
4.625
USD
TD Bank, NA
4.655%
12/18/2018
4.625%
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.781
4.750
USD
The Washington Trust Company
4.781%
12/18/2018
4.750%
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: $1,083
 
 

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23.2 percent of all properties with a mortgage have positive equity but not the required equity of 20 percent in order to refinance. That amounts to 11.3 million home loans that can't take advantage of lower rates and refinance.

There are, however, government programs that allow a homeowner to refinance if a loan is held or guaranteed by the government.  The Home Affordable Refinance Program (HARP) allows homeowners to refinance even if they don't have the required 20 percent equity.

HARP only helps homeowners whose mortgage is owned or guaranteed by Freddie Mac or Fannie Mae. There are also other requirements in this program, including that the borrower must be current on the loan and the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

There is another program that allows homeowners to refinance to an FHA loan with a maximum loan amount of 97.5 percent of the value of the home. The FHA Short Refinance program is designed to help homeowners refinance if their current lender agrees to participate in this refinance. The lenders are required to reduce the amount owed on your first mortgage to no more than 97.75 percent of the home's current value.

While these two programs are helpful, there are still millions of homeowners who don't quality for refinancing.  In that case, the only way they will be able to refinance is when home prices move higher. The Corelogic report breaks down LTV (loan to value) by state and there are some states that have a long way to go on higher home prices. For example, in the state of Nevada, the average LTV is 103.7 percent.

Whether or not you're in a position to refinance depends primarily on when you bought your home. If you bought during the height of the market in 2006/2007 and bought in California, Florida, or Nevada, you probably still don't have the required 80 percent LTV to refinance. The only way to find out if you qualify to refinance is to start the process of refinancing.

The only costs you'll have to pay upfront before you find out if you can refinance is the appraisal fee and possibly a mortgage application fee, depending on the lender. The appraisal fee varies by lender and state but you can expect to pay anywhere between $200 to $500.

When refinancing, the general rule is that it pays to refinance if the current refinance rate is at least 1.00 percent lower than your current mortgage rate. Another general guideline is that you should be planning on staying in the home for at least a few more years to recoup the cost of refinancing.

Refinance rates today on 30 year conforming loans can be found as low as 3.25 percent with points. 15 year refinance rates can be found as low as 2.25 percent with points. If you are refinancing, you should consider refinancing from a 30 year loan to a 15 year loan. The monthly payments are more but you'll be shocked at the amount of money you'll save in mortgage interest by refinancing to a 15 year loan. Use our mortgage calculator to see the savings.
 
Author: Brian McKay
March 21st, 2013