27% Of Homeowners Unaware Of Their Potential Mortgage Savings

October 16, 2018

Categories: Buyers Sellers Tags: Buyers How to save money on mortgage Importance of Interest Rates Mortgage Potential Mortgage Savings Refinance

27% Of Homeowners Unaware Of Their Potential Mortgage Savings

According to a new study, more than one in four homeowners are in the dark about their

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 don’t 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 unsure of their interest rate.

And while not knowing your interest rate is always a problem, it’s especially a problem

now, when interest rates have been steadily declining—and many homeowners could

likely refinance, get a lower interest rate, and save hundreds of dollars on their house

payment each month.

The Takeaway:

So, what does this mean for you? If you’re not 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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