Refinancing continues to be a hot topic. Many homeowners who are planning to stay in their homes for the long term are trying to find ways to lock in record-low interest rates. Some borrowers are running into qualification issues for the first time in their lives. They are discovering they do not have enough income to refinance the home they have occupied for the past several years -- even though the new loan comes with a lower interest rate than their current loan.Loan representatives are reporting that their biggest challenge in the past 15 months has been explaining to existing customers that they "can't even qualify for a mortgage under 5 percent." Others are upset because they are facing prepayment penalties on existing mortgages even though they have a flawless payment history and a terrific credit score. A different wrinkle surfaced recently when a reader brought up an issue that we have not explored for years. She had purchased a home with the proceeds fro...
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