{"id":45878,"date":"2016-03-09T13:27:57","date_gmt":"2016-03-09T21:27:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=45878"},"modified":"2020-10-06T17:08:19","modified_gmt":"2020-10-07T00:08:19","slug":"should-you-refinance-theres-1-67-billion-on-the-table","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/should-you-refinance-theres-1-67-billion-on-the-table\/","title":{"rendered":"Should You Refinance? There&#039;s $20 Billion on the Table"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Mortgage rates have been <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/03\/mortgage-rates-up-a-little-but-no-cause-for-worry.html\"><span style=\"font-weight: 400;\">falling all year<\/span><\/a><span style=\"font-weight: 400;\">, and fast. The drop has been so swift that people who took out home loans in December might want to think about refinancing already.<\/span><br \/>\n<span style=\"font-weight: 400;\">At least <\/span><a href=\"http:\/\/www.bkfs.com\/CorporateInformation\/NewsRoom\/Pages\/20160307.aspx\"><span style=\"font-weight: 400;\">6.7 million homeowners<\/span><\/a><span style=\"font-weight: 400;\"> are eligible to refinance, according to Black Knight Financial Services Inc., a mortgage technology company. That\u2019s up nearly 30 percent from December.<\/span><br \/>\n<span style=\"font-weight: 400;\">In all, some 3.3 million homeowners could save $200 or more a month by refinancing, the company found. Nearly a million borrowers could save more than $400 a month, or $4,800 a year.<\/span><br \/>\n<span style=\"font-weight: 400;\">All told, the potential savings to homeowners is about $1.67 billion a month, or more than $20 billion a year. If everyone took advantage of low rates, think of the boost it would give to the economy and housing market.<\/span><br \/>\n<span style=\"font-weight: 400;\">Black Knight, which tallied the universe of homeowners paying 4.5 percent or more on their loan who had good credit and at least 20 percent equity, last ran its refi analysis in December, after the Federal Reserve raised short-term borrowing costs and <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/the-fed-rate-hike-wont-hurt-housing-heres-why.html\"><span style=\"font-weight: 400;\">everyone was worried<\/span><\/a><span style=\"font-weight: 400;\"> that mortgages would get more expensive.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Then came China and<\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/02\/cheap-oil-means-cheap-gas-it-also-means-cheap-mortgages-heres-why.html\"><span style=\"font-weight: 400;\"> cheap oil<\/span><\/a><span style=\"font-weight: 400;\"> and a global flight to safe financial assets, which instead made mortgages cheaper. Since the Fed rate hike, some 1.5 million people have joined the ranks of refi-ready. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Pay special heed to this message if you live in Hawaii, Washington, D.C., New York, California or Massachusetts. In those markets, homeowners have the biggest opportunities to save. In Hawaii, where more than 28,000 households are eligible for refinancing, the average savings would be $437 a month.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Of course there are good reasons not to refinance. If you\u2019ll be selling soon, for example, a refi might not be worth it.<\/span><\/p>\n<h3>But I&#8217;m Underwater<\/h3>\n<p><span style=\"font-weight: 400;\">Eight years after the financial collapse, the government is still helping homeowners get out from under bad, costly or inappropriate loans so they can benefit from today&#8217;s historic low interest rates.<\/span><br \/>\n<span style=\"font-weight: 400;\">Even if you have no equity, owe more on your home than it\u2019s worth or have a bad credit score, the Home Affordable Refinance Program, or <\/span><a href=\"http:\/\/www.harp.gov\/About\"><span style=\"font-weight: 400;\">HARP<\/span><\/a><span style=\"font-weight: 400;\">, might be able to help. <\/span><br \/>\n<span style=\"font-weight: 400;\">At last check, almost <\/span><a href=\"http:\/\/www.harp.gov\/Default.aspx?Page=363\"><span style=\"font-weight: 400;\">368,000 households <\/span><\/a><span style=\"font-weight: 400;\">were eligible for the program. That number surely has risen this year as rates have fallen.<\/span><br \/>\n<span style=\"font-weight: 400;\">Now\u2019s the time to explore your HARP options. The program expires at the end of this year and isn\u2019t likely to be renewed.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates have been so fast that people who got loans in December might want to think about refinancing already.<\/p>\n","protected":false},"author":13355,"featured_media":45879,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"dashboard":[],"coauthors":[],"class_list":["post-45878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Should You Refinance? 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She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/45878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=45878"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/45878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/45879"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=45878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=45878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=45878"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=45878"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=45878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}