People of Texas Can Benefit From Refinancing Mortgages

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The WFAA asked how many of the 15 million candidates who could benefit from refinancing are in Texas.Answer: 1,099,000 Texas Homeowners.

There aren’t many basements in Texas. But by comparison, it’s where mortgage rates in the basement are still close to historical lows. Still, recent data show that 15.1 million homeowners who may benefit from refinancing are not doing so.

The number is calculated by a data company called Black Knight. The company does a great job of keeping up with this information.

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The WFAA asked how many of the 15 million candidates who could benefit from refinancing are in Texas. Answer: 1,099,000 Texas homeowners can save a lot of money so far by redoing their mortgage.

On average, the company said these refinancing candidates could knock out $ 249 from their monthly payments. Black Knight estimates that refinancing will save these Texas homeowners $ 273,661,000 per month in principal and interest.

Potential monthly savings are in line with data collected by Freddie Mac last year, with Dallas and Houston’s residents refinancing at low-interest rates, saving an average of $ 2,000 to $ 3,000 a year.

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That same report has a messy chart. This shows that high-income homeowners are much more likely to refinance in 2020 to take advantage of much lower interest rates than low-income homeowners. This is now known as the “refinancing income inequality.”

Bankrate.com found that nearly half of homeowners aren’t considering redoing low mortgage rates, and more than a quarter is, but not.

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Also, 7% do not know if they have refinanced.

Wait, what? And 38% of mortgages don’t know their current interest rates.

For most people, homes are the biggest purchase in their lives. If you own a home, you should at least be familiar with the basics of your finances. If not, you may be one of the “Texas Million” mentioned above, missing the opportunity to repay your mortgage faster or cheaper.

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Source Texasnewstoday

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