7 US cities where it is most profitable to refinance a mortgage
The consequences of the coronavirus invasion still affect the solvency of the US population. Now many consumers are considering refinancing, since mortgage rates have reached historic lows. Writes about it Fox Business.
But is it really the right time to refinance loans? Maybe.
While the Federal Reserve did cut interest rates, mortgage lenders tightened restrictions, so the refinancing process can be a bit more complicated, especially when it comes to qualifications. You can check out personalized preliminary mortgage rates on the Credible website at link.
Among the factors that can affect mortgage refinancing are capital, your credit rating, and whether refinancing will allow you to refuse your private mortgage insurance. If you have at least 20 percent equity in your property, you are more likely to benefit from refinancing your home.
In some areas of the country, mortgage rates are more profitable than in others, so if you live in one of these cities, the cost of refinancing may pay off.
7 best cities for mortgage refinancing
Salt Lake City (Utah)
- Average house price: $ 419 987
- Average Savings: $ 197
Housing prices in Salt Lake City over the past year have grown by more than 5%. The population increased by almost 10% in the previous decade.
- Average house price: $ 283 000
- Average Savings: $ 133
The average home value has increased by almost 3% since 2019. Houston had a year of sales with a constant supply of affordable homes and a record number of single-family home sales.
- Average house price: $ 467 621
- Average Savings: $ 219
Housing prices have risen nearly 6,5% since last March. In addition, home sales in the area increased, real estate was put up for sale in less time than it had previously, which created higher demand.
Los Angeles (California)
- Average house price: $ 752 508
- Average Savings: $ 354
Over the past year, housing prices in Los Angeles have increased by almost 6%. The cost of homes in California is known to be high due to the abundance of sunlight and the lack of affordable housing.
Charlotte (North Carolina)
- Average house price: $ 252 438
- Average Savings: $ 119
Housing prices have risen 5,3% over the past year. Charlotte home sales fell 21% in April, but prices rose even before COVID-19. Despite the small number of purchases, housing prices remain stable.
- Average house price: $ 767 906
- Average Savings: $ 367
The cost of houses increased by 2,2% compared to last year. Seattle housing prices have risen steadily since last year, and the city is recognized as the fastest growing housing market in the country.
Raleigh (North Carolina)
- Average house price: $ 290 270
- Average Savings: $ 136
Housing prices rose by almost 3% compared to last year. Roles is considered the second most popular real estate market in the country. An increase in the number of jobs in technology and real estate investments has increased the cost of housing.
If you decide to refinance your mortgage, use Credible to compare rates from several lenders at the same time.
For those who pay a mortgage and are not eligible for refinancing, help is available. Talk with your lender to find out how they help your customers.
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