According to a Bankrate.com survey, 35% of homeowners don’t know what their mortgage rate is. This is very understandable as once you go through the mortgage process and start making payments, it’s an easy thing to just set and forget.
What’s more important than knowing your rate, is knowing how much money you can save by lowering that rate. Another study done by the National Bureau of Economic Research (NBER) concluded that 20% of homeowners are not refinancing when they should and could be missing out on huge saving opportunities.
If you are one of the many people who aren’t sure what your current mortgage rate is now is the time to take a look. The general rule of thumb for refinancing is to refinance when rates are at least a half percentage point lower than your current rate. Contact me today to go over your financing situation and together we will make sure you’re getting the best deal.