Potential Mortgage Savings are Missed by 27% of Home Owners

May 30, 2017

Categories: Buyers Tags: Buyers Mortgage

Potential Mortgage Savings are Missed by 27% of Home Owners

New studies have shown more than one in four homeowners are in the dark about their own mortgage interest rate—and it could be costing them.

A recent study from Bankrate (explored in an article on Fox Business) found that 27 percent of homeowners in the US didn't even know the interest rate on their home. That number is even higher for younger homeowners; a whopping 34 percent of homeowners between the ages of 29 and 39 are oblivious of their interest rate.

And while not knowing your interest rate is always a problem, it’s problem now more than ever, when interest rates have been steadily declining—and many homeowners could likely refinance, get a lower interest rate, and could save hundreds of dollars on their house payment every month.

The Takeaway:

So, what does this mean for you? If you’re aren't sure about the interest rate on your mortgage, you need to find out ASAP—and see if you’re eligible to refinance and cash in on serious savings over the course of your loan.

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