Is it a good time to refi?
Mortgage rates are creeping up, and some homeowners may start to wonder if refinancing their current mortgage still makes sense.
Refinancing benefits homeowners by lowering monthly payments or allowing them to switch to a loan term that better suits their needs. According to mortgage data company Black Knight, 13.1 million borrowers are eligible to reduce their interest rate by at least 0.75 percentage points with a mortgage refinance, helping them to save an average of $284 per month.
With the potential savings in the hundreds of dollars, it's worth the effort to find out if refinancing makes sense for you too.