This is a very popular question. A survey from Bankrate shows that the average borrower is paying 4.41% for their mortgage, instead of the market price of 3.7%. As an example a $300,000 mortgage with 30-year fixed rate, has a $125 monthly payment difference between these two rates. Over the lifetime of the loan that will be $45,000! Enough to buy a new Tesla Model 3!
This is a massive difference and securing the best rate can save homeowners thousands on their mortgages. All in all, 7 in 10 borrowers are either paying more than they should or don’t know what they’re paying. According to Black Knight, a mortgage analytics company, 7.8 million American homeowners can refinance their payments right now and save money.
The prices for houses are still high, but the rates for mortgages are low which can increase affordability for people who were unable to qualify in the past.
With todays historic rate environment It’s a great time for homeowners to refinance, consolidate debts, or take out equity to improve your home. Contact me today to find out how much you can save.
