Can I Refinance Should I

Can I Refinance Should I

Mortgage rates have been falling all year, and fast. The drop has been so swift that people who took out home loans in December might want to think about refinancing already.

At least 6.7 million homeowners are eligible to refinance, according to Black Knight Financial Services Inc., a mortgage technology company. That’s up nearly 30 percent from December.

In all, some 3.3 million homeowners could save $200 or more a month by refinancing, the company found.

 Nearly a million borrowers could save more than $400 a month, or $4,800 a year.

All told, the potential savings to homeowners is about $1.67 billion a month, or more than $20 billion a year. If everyone took advantage of low rates, 

think of the boost it would give to the economy and housing market.

Of course there are good reasons not to refinance. If you’ll be selling soon, for example, a refi. might not be worth it.

But I’m Underwater

Eight years after the financial collapse, the government is still helping homeowners get out from under bad, costly or inappropriate loans so they can benefit from today’s historic low interest rates.

Even if you have no equity, owe more on your home than it’s worth or have a bad credit score, the Home Affordable Refinance Program, or HARP, might be able to help.

At last check, almost 368,000 households were eligible for the program. That number surely has risen this year as rates have fallen.

Now’s the time to explore your HARP options. The program expires at the end of this year and isn’t likely to be renewed.

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 Christine Davis

REALTOR,CSP, CDPE

Exit Realty Premier Elite

561-239-7802


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Phone: 561-644-0052
Dated: March 16th 2016
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