Personal Loan

A lot of people who would like to refinance can’t, because their home equity or income has been reduced in the downturn, according to a California mortgage executive. What’s more, people with equity remaining also are far less likely to refinance these days to pull out cash for home improvements or other investments. “In ’04, ’05 and ’06 it was all about leveraging your home equity … I would say back then three-quarters or better of the people refinancing were pulling out cash,” he said. “Now it’s the opposite — people are de-leveraging, saving for a rainy day.”

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