The No. 1 reason survey respondents said they have chosen not to refinance is that “they’re not sure it’s worth it.” Some 34% of survey respondents gave that answer.
When Jaime Holland and her husband, Matthew Holland, started the refinance process, she said the hardest part was all of the hoops they had to jump through. First, the lenders wouldn’t disclose which credit reporting agency they were using .closing costs“You’re given the out-of-pocket closing figure by your loan officer, but as you move through the process that figure becomes much higher,” Jaime Holland says.
If you’re unsure whether refinancing is the best move, choosing a knowledgeable mortgage lender can help you decide, says Scott Lindner, national sales director for mortgage lending at TD Bank.makes the most sense, taking into account how long the homeowner expects to reside in their home,” Lindner says. “They can help assess outstanding debts and their ability to manage a higher or lower monthly payment.
However, rates could sink lower if there are delays in fiscal stimulus or a vaccine development. Economic influences such as high unemployment rates and sinking U.S. Treasury yields can also put downward pressure on rates.
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