From my head on home equity loan
Some consumers who would like to buy right now are finding that they are not eligible for mortgage loans like they once were. Banks now have much more restrictive lending practices, resulting in less mortgage loans being awarded to applicants than there were prior to the credit crisis. Current homeowners wonder if it is time to refinance their current mortgage loans under the new low interest rates. The past week had the most applicants for mortgage loans in half a decade. Over 75 percent of those were to refinance current mortgages.