Mortgage

The refinance market has seen spectacular activity during the last several years. With interest rates at their lowest levels in decades, the lure of cheap money has propelled scores of families into action. Cash-out, bill consolidation, and home improvements, all with lower monthly payments, have convinced people to take advantage of the equity that’s lain dormant in their homes.

But with interest rates now on the rise, is the boom over? Is it too late to get a great deal refinancing your mortgage? No, it's not too late. But you must be aware of the housing and financial markets in your area. Use the information at your fingertips to become familiar with the refinancing process.

You’ll should also learn about your legal rights to fair lending and what you have a right to expect in fair treatment. The Fair Housing Act and the Equal Credit Opportunity Act make it unlawful for a lender to decide whether you qualify for a loan, or to offer less favorable terms, for reasons such as your race, national origin or sex and other prohibited factors.

Shop for the mortgage package that best meets your financial needs. If you apply for a mortgage and the lender says you don't qualify, keep in mind that some lenders have stricter credit standards than others. Try someone else. Don't stop shopping after one discouraging experience--or even several.