According to Fannie Mae’s Economic And Strategic Research Group, nearly half of the homeowners who could refinance their homes have not done so. The study shows that not everyone is taking advantage of the extended period of historically low mortgage rates.
When reviewing data from their National Housing Survey from the first quarter of 2013, the group found that 40 to 50 percent of respondents had not refinanced the mortgage on their current home. What’s more, only 25 to 30 percent had done so in the past three years when rates had hit record lows.
Fannie Mae also analyzed the factors that could motivate homeowners to refinance over the next 12 months. They found that while those who had already completed a refinance were motivated by low mortgage rates, future refinancers are seeking to stabilize their financial situation. In addition, borrowers who have better financial literacy and who believe they can qualify for a loan are more likely to pursue a refinance.
This lack of knowledge about the refinancing process can also apply to purchase mortgages. Steve Madonna of Weichert Financial Services is a valuable resource for anyone looking to either refinance their home or obtain financing for a home purchase. If you would like to take advantage of an opportunity for a savings of up to $475 on mortgage processing fess contact Steve at 610-952-0989.
Wallingford PA Real Estate – Wallingford, PA 19086
