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Most Homeowners Are Missing Out On Refinancing Opportunities
Almost half of US homeowners say that they have not considered refinancing their home this year. This is largely due to a lack of understanding of how the mortgage markets work. 40% of homeowners do not know the interest rate that they are currently paying on their home loan, nor do they know exactly how much equity they currently hold. Refinancing can lower monthly mortgage payments by hundreds of dollars per month, and also provide lump sum payouts that can be used to improve your financial profile. In order to maximize your home investment, you must pay attention to these numbers just like you would pay attention to the numbers associated with stocks that you hold.
30 Year Fixed Mortgage Rate
|Change From Yesterday||0.065%|
|Change From One Week Ago||0.045%|
|Change From One Year Ago||-0.146%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||0.034%|
|Change From One Week Ago||0.063%|
|Change From One Year Ago||-0.397%|
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The value of your home goes up and down based on real estate market volatility, much like stocks do. Mortgage interest rates are also constantly changing. You must keep track of the interest rate you are currently paying on your mortgage, the available refinancing rates, and market booms that increase your equity. If you do not pay attention to these metrics, you will miss out on major opportunities to save money and build wealth.
Lowering your monthly mortgage payments is one of the best ways to improve your budget. Refinancing is the most common method for lowering mortgage payments, but other methods will also achieve similar results. This article presents five options that a home owner can use to lower their monthly payments and improve cash flow. If you are struggling to make ends meet, reducing your mortgage payments can help you stabilize and recover.
Americans have come to expect that they will be able to conduct digital transactions online or on their smartphones. The vast majority of consumers trust digital transactions and prefer them to traditional person to person banking processes. The mortgage industry has long been known for lagging behind in offering digital transactions, but current market forces are pressuring mortgage companies to change the way they do business.