January 30, 2016

THE PROBLEM WITH CHOICE:

Homeowners are losing $13 billion a year by not refinancing their mortgages : At least 5.2 million homeowners with good credit and equity in their property could save an average of $215 each month by refinancing their mortgages, according to a NerdWallet analysis. (Kamran Rosen, 1/30/16, NerdWallet)

American homeowners are missing out on at least $13 billion a year by not refinancing their mortgages, according to a NerdWallet analysis of mortgage loan data from Black Knight Financial Services.

Our analysis of the data -- from Black Knight's November 2015 mortgage monitor -- shows that at least 5.2 million homeowners with good credit and equity in their property could save an average of $215 each month by refinancing. We calculated the national savings total by multiplying average savings by the number of qualified borrowers.

The total savings could be even higher than $13 billion. The Black Knight report used a refinance rate of 4.71%, which is 114 basis points above the Jan. 18, 2016, rate of 3.57%.

Posted by at January 30, 2016 8:51 AM

  

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