Why did millions of Americans just not bother to refinance their mortgages? – If you got this offer in the mail promising to save. rates ever go down in those 30 years, homeowners can lower their monthly payments by refinancing at a lower rate. At least, that’s the theory..
Let’s talk mortgage basics. There are two main types of mortgage refinances available to homeowners. There is the standard rate and term refinance, which allows a borrower to obtain a lower mortgage rate and/or shorten their loan term, while keeping their existing loan balance intact.. And then there is the “cash-out refinance,” which allows a borrower to tap into the equity (or cash) in.
American homeowners are missing out on at least $13 billion a year by not refinancing their mortgages, according to a NerdWallet analysis of mortgage loan data from Black Knight Financial Services.
One thing I will tell you is that you could probably get a lower rate by refinancing into the shorter-term. You could very well end up paying less interest. If you decide to apply, you can do so online through Rocket Mortgage or give one of our home loan experts a call at (888) 980-6716. Hope this helps! Thanks, Kevin Graham
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Refinancing to a 15-year mortgage could save current homeowners even more with current rates at 2.80%. Some homeowners have avoided refinancing because they are just too busy with life to bother, or they are afraid that it might cost too much to refinance. But there are ways to lower the cost of a refinance.
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Interested in refinancing your mortgage? Bankrate’s refinance calculator is a free easy-to-use tool that can help you estimate your monthly payment and how much you can save when refinancing.
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Money Watch: Can I refinance with bad credit? – A: Refinancing. such as the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). These free programs are designed to lower the interest rates and monthly.
Home-price growth also increases equity for homeowners, which can make it easier to qualify for refinancing. Additionally, many homeowners in Oregon could benefit from today’s relatively low mortgage rates. Securing a lower rate can reduce the size of the borrower’s monthly payments, which brings the potential for long-term savings.
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