Home Mortgage Financing

Getting a Second Mortgage Quote Can Save You $1,400

Everyone loves the thrill of finding the best deal, whether it's on a pair of shoes, an appliance, or even a car! Why then do so many home buyers fail to shop around when it comes to the most expensive item of all: a mortgage? Last April, Freddie Mac estimated how much extra money buyers are likely to pay over the course of their loan by failing to get multiple rate quotes, and the number wasn't cheap! In fact, they found that getting just one extra quote would save the average borrower over $1,400!

Falling Mortgage Rates Continue to Boost Housing Affordability

Mortgage rates fell once again this week, making this their sixth straight week of decline and their lowest point since September 2017. This is good news for prospective home buyers, as the drop in rates has generated a corresponding increase in home affordability across the country. It also means that millions of current home owners stand to save thousands of dollars by refinancing their mortgages!

Almost 5 Million Homeowners Could Save by Refinancing

If you currently have a mortgage, then now is the perfect time to look into refinancing. In fact, a report from last week by data and analytics company Black Knight determined that 4.9 million U.S. homeowners could significantly reduce their interest rates if they were to refinance their mortgage! This number spiked dramatically from just one week prior, rising by 1.6 million borrowers.