Want $266 more per month? Refi now
Bottom Line: I’ve recently created a couple of stories talking about the historic value proposition of buying a home in South Florida and the rare opportunity to take advantage of near record low mortgage rates. Even if you’ve taken out a mortgage within the last two years you could refi and save money. How much? Here’s a clear idea.
According to analysts at Black Knight Financial Services, 8.2 million homeowners could save an average of $266 per month by getting a 30-year fixed rate refi right now with current rates (which are standing at about 3.7%). If you don’t know what your mortgage rate is, you should figure it out asap and compare to the current rates. Rates have now hit a 3-year low and are nearly at the lows we hit coming out of the Great Recession.
Also, if you have an adjustable rate mortgage and you’re not going to pay it off before it adjusts. Refi into a fixed now at current rates. Again, there aren’t many times when there’s a near ubiquitous answer that everyone in a similar circumstance should do, but this is one of them. I don’t know anyone that wouldn’t want an extra $266 per month. For the 8.2 million homeowners who should be taking advantage of a refi, that’s the cost of doing nothing.