November 5, 2024 2:08 pm
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Reason to refinance: 4 million homeowners are leaving $1 billion on the table

Falling mortgage rates and rising home values are a tasty combination for homeowners, but millions are not biting because of the hassle of a refinance

By Diana Olick | CNBC

Falling mortgage rates and rising home values are a tasty combination for homeowners looking to save some cash on their monthly mortgage payments. Millions, however, are not biting, either out of ignorance or because refinancing is a hassle.

Close to 4.5 million borrowers are eligible and have a financial incentive to refinance, according to a new report from Black Knight Financial Services. That marks an increase of 1.6 million borrowers from just a few months ago, when mortgage rates were higher. The new “refinanceable” population is now at its highest point of the year. The math factors in closing costs.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.