Employees More Willing To Seek Living Options In New Areas

The American workforce appears to be more mobile than it had previously been, according to a new survey. This suggests that while a mortgage refinance is still a viable option for most homeowners trying to gain more money from their properties, about half surveyed are willing to purchase a new home in a different location.

The survey, conducted by CareerBuilder, found that 44 percent of workers are willing to move if a new job required them to do so or if they felt additional employment opportunities existed in other communities. About 20 percent of employees who were laid off last year and were successful in finding new jobs did so in a new location.

"One of the key trends we saw coming out of the recession is the movement of labor in and out of markets across the U.S.," CareerBuilder CEO Matt Ferguson said in a press release. "Workers have had to expand their job search geographically and employers in need of hard-to-find, skilled talent have had to recruit across state lines."

Part of the reason why employees might be more inclined to move is because more employers are offering them financial incentives to do so. The survey found that 32 percent of employers said they would pay to relocate employees this year.

Homeowners wondering when to refinance may consider doing so if they lose their job. A mortgage refinance, particularly when interest rates on fixed-rate loans and adjustable-rate loans are at record lows, could generate money flow back into the pocket of a homeowner. When paychecks are scant, this extra revenue could be invaluable.

Other unemployed homeowners may prefer to purchase a new property in a new community, but for this transaction to occur, they should have access to a qualified mortgage lender that can support them throughout the financing process.

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