Hungarian Film

Main Menu

  • Home
  • Motion Picture
  • Movie Theater
  • Movie
  • Cinema
  • Accounts

Hungarian Film

Hungarian Film

  • Home
  • Motion Picture
  • Movie Theater
  • Movie
  • Cinema
  • Accounts
Accounts
Home›Accounts›19.4 million homeowners could reduce their mortgage payment by an average of $ 309 per month

19.4 million homeowners could reduce their mortgage payment by an average of $ 309 per month

By Anita Leet
March 11, 2021
0
0
Share:

Image source: Getty Images.

While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are always on your side. See our full advertiser disclosure here.

The average interest rate on home mortgages fell to another all-time high last week, reaching the lowest level in nearly 50 years of follow-up. As mortgage rates continued to decline, the number of people who could benefit from refinancing increased.

In total, qualified homeowners could save $ 5.98 billion per month by refinancing, which is the highest amount in recorded history.

No less than 19.4 million homeowners could benefit from refinancing

Black Knight Reports 19.4 Million Homeowners Are ‘High Quality’ refinancing candidates.

To qualify as a “high quality” candidate, homeowners must have a credit score of at least 720, have 20% equity in their home, and be able to reduce their current mortgage rate by at least. 0.75% through refinancing.

According to the mortgage analysis company, the 19.4 million people who meet these criteria are the most high-quality applicants ever. And the savings these homeowners might realize are not a small amount either. In fact, they could save $ 309 per month or $ 3,708 per year on average.

Of course, these are just averages – and some could do even better. Black Knight data suggests that around 4.5 million borrowers could save $ 400 a month or more by refinancing now. And 2.7 million of them could reduce their monthly mortgage bill by more than $ 500.

Not surprisingly, the owners in places where property values ​​tend to be higher are the most likely to save. There are over 3 million high-quality refinancing applicants in California alone, and Golden State residents could reduce their monthly bills on average $ 420. Florida has 1.4 million high quality refinancing applicants, followed by Texas with 1.3 million and New York with 1.1 million.

Less qualified applicants can still save money

Of course, borrowers with lower credit scores or less equity can still take advantage of today’s historically low mortgage rates. They may have a harder time getting approved and may not qualify for absolute rates. But current mortgage rates are lower than anyone might have imagined. High-quality applicants are the most likely to save money by refinancing, but few have mortgage rates as low as those available today.

Therefore, any homeowner who has not refinanced recently and is able to do so should compare the rates and terms of several mortgage refinance lenders. Getting quotes won’t affect your credit score, so see how a new loan might compare to your current debt consolidation.

Now you have to pay closing costs to refinance on a mortgage. As such, it is important to do the math to see how long it will take your interest savings to cover the upfront costs. If you are able to refinance and plan to stay in your home long enough to break even, there is no reason not to. You could end up with more money in your pocket every month.

Related posts:

  1. Stock markets rise as marijuana stocks show new signs of life
  2. The Facebook ad boycott is not over
  3. Why the Trade Desk will benefit as advertisers seek flexibility
  4. Private Loans and Federal College Loans: What’s the Difference?
Tagsgetty images
Previous Article

Renzo Piano’s Extremely Anticipated Academy Museum of ...

Next Article

What is a jumbo loan and how ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Motion Picture

    Today’s famous list of birthdays for June 13, 2021 includes celebrities Chris Evans, Tim Allen

    June 13, 2021
    By Anita Leet
  • Accounts

    3 dividend stocks to buy if Joe Biden wins the election

    March 11, 2021
    By Anita Leet
  • Accounts

    S&P 500 News: Tesla profits allow it to join index, US to buy up to 600 million doses of coronavirus ...

    March 11, 2021
    By Anita Leet
  • Motion Picture

    What song did Stevie Nicks sing in “American Horror Story: Apocalypse”?

    October 23, 2021
    By Anita Leet
  • Accounts

    Could Moderna be a millionaire share?

    March 11, 2021
    By Anita Leet
  • Accounts

    3 absolutely solid stocks to buy before the market collapses again

    March 11, 2021
    By Anita Leet

  • Movie

    Prince of Tennis presents the first three minutes of the CG film

  • Movie Theater

    The “Morbius” memes helped give the movie more buzz. But it bombed in theaters after its re-release.

  • Movie

    Every Mike Flanagan movie and show on Netflix and what’s to come

Categories

  • Accounts
  • Cinema
  • Motion Picture
  • Movie
  • Movie Theater

Recent Posts

  • Muybridge’s documentary shines a light on film pioneer
  • Netflix Reveals Official Rise of the Teenage Mutant Ninja Turtles Trailer
  • The Everything Everywhere All At Once Soundtrack Is Now Available
  • Renovated Batavia Cinema May Reopen Next Spring – Shaw Local
  • Remembering Renu Saluja, the unsung genius of Hindi cinema on his birthday

Archives

  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Recent Posts

  • Muybridge’s documentary shines a light on film pioneer
  • Netflix Reveals Official Rise of the Teenage Mutant Ninja Turtles Trailer
  • The Everything Everywhere All At Once Soundtrack Is Now Available
  • Renovated Batavia Cinema May Reopen Next Spring – Shaw Local
  • Remembering Renu Saluja, the unsung genius of Hindi cinema on his birthday

Archives

  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Categories

  • Accounts
  • Cinema
  • Motion Picture
  • Movie
  • Movie Theater
  • Privacy Policy
  • Terms and Conditions