With the current mortgage rates being at historic lows is something that millions of homeowners should consider in getting refinanced.
Why do people want to refinance?
A few of the common reasons why people decide to refinance are as follows;
- Reducing the mortgage interest rate
- Shortening the loan term
- Tapping into home equity
Why is it best to refinance your housing loan right now?
As mortgage rates dip to historic-low, homeowners are at the most favorable time to save hundreds of dollars a month on their mortgage. This should be enough reason to pursue refinancing.
A new research from Black Knight, a mortgage technology and data provider, revealed that millions of homeowners are eligible for refinancing to a lower mortgage rate – saving homeowners an average of $309 each month.
Is everyone eligible?
Unfortunately, no – but there are about 19.4 million homeowners who could definitely take advantage of refinancing.
For the week ending Nov.25, the 30-year fixed rate mortgage averaged to only 2.72% – an all-time low according to Freddie Mac.
The 19.4 million refinance-eligible homeowners are considered to be “high-quality
