Refinances dropped 14.3% this week, leading some to believe that the government's steps to help home-owners are showing themselves to be ineffectual.

To qualify to refinance, banks require the home-owner to be keeping up with mortgages, hold a steady pay-check, not have refinanced their loans already, and have a decent credit score. While the government has taken steps to allow home-owners who cannot manage their current mortgages to refinance under the Making Home Affordable Program, the major caveat to qualify for the program is a stipulation that does not permit a single missed payment on the loan. Bad credit scores due to credit card misuse can contribute to refinance application rejections.

The drop in accepted refinance applications comes with the fifth straight week of dropping purchase applications, which have lowered an additional 5.7% in the last week.

If you are looking to refinance your mortgage, working through an experienced legal professional can help you get the best results with the least amount of headache. Contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608 today.