Potential Mortgage Rate Increase Creates Refinancing Opportunities for Homeowners Modest MoneyLeave a comment

The numbers are staggering. According to research done by the University of Chicago, an estimated 20% of American households are losing an average of $45,473 by not refinancing their mortgages with some missing out on upwards of $150,000!

“People avoid refinancing because they believe the time, money, and other resources it requires aren’t worth what they’ll get in return” says Jason van den Brand, the CEO and Co-Founder of Lenda, an online-mortgage startup. “They see a process that’s full of red tape, stacks of paperwork and telemarketing and understandably try to avoid it.”

There is a common perception that the home refinancing process is complicated and expensive, a perception that isn’t entirely untrue. Also, because the money refinancing saves an individual must accrue over time, it requires delayed gratification, which we all know can be challenging. Finally, there’s a certain amount of skepticism around the process as people believe the large sums of money they’re told they could save is too good to be true.

“It’s much easier to think of reasons not to refinance than it is to think of reasons to refinance,” says van den Brand. “But the amazing stories of individuals who choose to go through it can be…

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This entry was posted in Real Estate, and tagged , Modest MoneyLeave a comment
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