Home Mortgage Financing

Refinance Now While Mortgage Rates Are Still Low

If you think that you can stop watching mortgage rates once you've purchased a home, think again. After rising throughout most of last year, mortgage rates have fallen significantly over the last several months, which means that now is the perfect time to look into refinancing. In fact, a recent report from data and analytics company Black Knight determined that 4.9 million U.S. homeowners could significantly reduce their interest rates if they were to refinance their mortgage! As readers of this blog will know from a prior post, those who refinance their mortgage to a lower rate stand to save thousands of dollars over the life of their loan.

Should I Ignore Refinancing Offers?

If you've been ignoring offers to refinance your mortgage, then you aren't alone. Many homeowners fail to refinance their loan, even though doing so could save them significant money by reducing their interest rate. In fact, researchers at Columbia Business School found that the majority of homeowners who received refinancing preapproval applications through the Home Affordable Refinance Program chose not to apply. How much did this decision cost them? According to the article, approximately $9,000 in interest savings!

Save Thousands by Raising Your Credit Score

It turns out that there's a good reason for everyone's fixation with raising their credit score. A recent study sought to prove the value of a great score by quantifying the savings available to borrowers with higher scores. Although many people are simply concerned with having a high enough score to qualify for the loans that they need, the study by LendingTree showed that there are approximately 29,000 reasons to want the best score. That's because that's the amount of money you could save on mortgage debt alone by raising your score from "fair" to "very good"!