Nearly 20 million American homeowners qualify for refinance programs that will save them hundreds of dollars per month on their mortgage.
Freddie Mac’s Mortgage Market Survey also shows a seven-basis point drop in the 30-year mortgage rate. It’s a new record low.
The combination of ultra-low rates, highly qualified applicants and rising home prices means that more people can save money on their mortgages.
About 43% of all active 30-year mortgage holders fit the mold of highly qualified, the survey found.
These applicants typically have strong credit scores, 20% equity in their homes and the potential to save about $300 a month. Nationally, homeowners would save $5.8 billion monthly if they refinanced right now.
The savings can even exceed that amount with the proper refinancing strategy.
At PRM, we can assist you with this process of paying off your existing loan and replacing it with a new-and-improved one that saves you money.
Because interest rates have continued to fall, homeowners can take advantage of the opportunity to substantially lower their interest rates and save hundreds of dollars per month on their new mortgage bill.
Refinancing is also a vehicle to leverage your home’s equity that’s been building up over the years of continued market success.
A cash-out refinance can accomplish two things: lower your rate and provide financial resources that can be used to tackle debt or make home improvements.
Please contact us today to learn more about your options and how to maximize this prime opportunity to refinance your mortgage and increase your financial flexibility for many years to come.