Is refinancing the right choice for you?
Posted on Thursday, September 27, 2012 at 8:16:23 AM
The average homeowner in the United States has a mortgage and makes monthly payments to his or her lender. However, could some people be paying too much on their mortgage?
According to data from research firm CoreLogic, approximately 69 percent of American homeowners with mortgages had rates higher than 5 percent at the end of the second quarter of 2012, 33 percent of whom had rates above 6 percent.
The Los Angeles Times reports that the average 30-year fixed-rate mortgage has been below 4 percent for every week but one this year, which means many homeowners are failing to take advantage of potential savings.
Consider refinancing to take advantage of record-low mortgage interest rates. The affordable residential financing options available to current homeowners could convince people to readjust their mortgage rate and lower their monthly payments.
Consult with the experts at Home Loan Investment Bank about the criteria for adjusting a mortgage rate. Reducing a mortgage interest rate, even by as little as 1 percent, could have drastic results on the overall sum of money paid to a lender over the lifetime of the loan.