The beginning of 2016 ushered in a drop of interest rates, thereby increasing the number of people eligible for refinancing, according to the housingwire.com.
The Mortgage Monitor Report released by Black Knight Financial Services indicates those who qualify for and benefit from refinance increased by 1.5 million people. So what does this mean for homeowners feeling overwhelmed by their current mortgage?
According to Black Knight’s findings, 3.3 million refinance candidates could save $200 or more each month, and nearly one million could save over $400 per month. The average borrower, the report says, could save approximately $3,000 per year by refinancing at today’s rates.
Interested in learning more about your refinance eligibility? Talk to a mortgage banker today by calling 1-888-914-2276 or find an office nearest you.
Sources: http://www.bkfs.com/Data/DataReports/BKFS_MM_Jan2016_Report.pdf, http://www.housingwire.com/articles/36458-borrowers-who-qualify-for-refinance-increased-by-30-since-january