Hey RTM fans, thanks for stopping by today. I wanted to share this post with you below from the good folks at MyFinance. Going about the process to refinance your home is a big decision for anyone. My wife and I did it twice at our previous house and there so many things to consider. I wanted to make sure everything was covered, so I want to share this post with you today. I believe you all will benefit tremendously from it. Let me know if you have any questions! Email me at RunTheMoneyBlog@gmail.com.
Why Refinance Your Home?
Millions of Americans are refinancing their homes, but what are the reasons why? Hint: It’s actually less complicated than you’d think.
More and more people are refinancing their homes to solve their financial woes…but why? One reason is that refinancing saves homeowners an average of $4,264/year.In fact, just last year almost 2,000,000 people refinanced their homes to the tune of $749 billion. While many have already taken advantage of historically low rates, there are still 6.7 million homeowners that have yet to cash in on the potential savings.
You see, this opportunity was born out of the 2008 Housing Crisis. The Fed dropped rates to historical lows to fight off the recession and opened a window where many Americans could refinance and save. But recently the Fed has signaled interest rates are about to rise.
That’s why it’s important to see if you could benefit from refinancing, before it’s too late.
So, what should you do if you still haven’t refinanced?