Sunday, September 15, 2019

80 % of 2018 Mortgages Could Save Big With A Refinance...

Interesting blog from Aly J. Yale, Senior Contributor to Forbes, reminding people who took out a loan in 2018 might benefit from a refinance.

According to new data, 80% of mortgages from last year carry an interest rate at least 0.75% higher than today’s prevailing rate (3.49%, according to Freddie Mac).
But 2018-borrowers aren’t the only homeowners who could benefit from today’s low-rate environment. Data from property analytics firm Black Knight shows that pre-2004 mortgagees could also save big. Most of these people could save about 1.75% from their interest rate should they refinance.  
The complete article from Aly Yale can be found on this page from Forbes. The article also shows an interesting table showing how much "tappable equity" exists per state: the amount of money people could use from the equity in their home.  See below:
Click to see larger.

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