Freddie Mac has released more information that only further proves the benefits of refinancing. The results of its Q4 refinance analysis shows that 84% of homeowners who have refinanced their first-lien home mortgage either remained at the same loan amount, or managed to lower their principal balance. This helps to strengthen their fiscal house. On average, those who have refinanced were able to reduce their interest rate by 1.8 percentage points.
In December, Fixed-Rate mortgages averaged low percentages. 30-year loans were around 3.4% and 15-year loans averaged 2.7%. Because of these low rates, refinancing can help you save money on your overall mortgage. For example, when a loan for $200,000 is refinanced using these average statistics and percentages would translate to a saving of roughly $3,600 in interest for the following 12 months.
Through the HARP program, borrowers have been able to refinance when they traditionally would not have had access to it. They've obtained low rates that have significantly reduced their monthly payments. As a result, the risk of foreclosure is decreased for these borrowers since they are able to continue paying affordably.
Quest Loans specializes in HARP loans, and in refinancing. We would like to help you qualify for an HARP loan if you have low income needs. If you already have a HARP loan, or any other type of loan, ask us about refinancing! It is never too late to start saving money on your monthly mortgage payment! 888-883-5252
Tuesday, February 5, 2013
Refinancing Your Mortgage Can Save You Money!
1 comments:
Folks who can reduce their mortgage interest rate by at least one percent should look into their refinancing options. Openmortgage
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