Could housing markets begin to recover in 2012?

February 02nd, 2012

A recent CoreLogic report indicates that the U.S. housing market could finally begin to improve during 2012. Improved consumer sentiment and a slightly lower jobless rate at the end of 2011 could be signs that the housing market may be ready to begin rebounding.

According to the report, households are paying off debt and access to credit has improved. Home equity lines of credit increased for the first time since the recession began.

Despite the optimism, there are still hurdles to an economic recovery -- the recession in Europe and political and fiscal uncertainty in the U.S.

Should you refinance?

You may be able to reduce expenses by refinancing your mortgage. A refinancing calculator can help you determine how much you'd save. The calculator compares your current mortgage with the terms of a new loan and projects what you can expect to save over time.

Can you qualify for a refinance?

Not everyone can qualify for a refinance, but you'll improve your chances of loan approval by addressing the following concerns:

  • Reduce your consumer debt balances.
  • Pal all bills on time.
  • Consider a cash-in refinance if you have insufficient equity.
  • Note foreclosure activity and home values in your neighborhood.

A brighter economy may be just around the corner. Refinancing your mortgage may improve your financial picture as well.

 

 

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