Refinancing ?

17 07 2004

A hefty number of homeowners don’t realize how much money they could
save simply by refinancing their mortgage. Bank of America recently
conducted a survey of homeowners’ attitudes and found that almost one third
of 300 homeowners who carry mortgage rates of 7 percent or more do not see
the benefits of refinancing — though rates dipped almost to 5 percent in recent
years, a whopping 43 percent of respondents still hold their original mortgages.
Those who have not refinanced don’t believe the closing costs offset any
potential savings; they shun the hefty load of paperwork required and the time
needed to complete the process. But most are also unaware whether their
existing lenders offer streamlined refinancings to customers who already
hold a mortgage with them.

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