Close to 60 percent of homeowners refinanced their existing mortgages and only 33% of homeowners obtained a purchase mortgage.
Chicago, IL (PRWEB) January 31, 2013
Based on a survey of over 1,000 homeowners conducted this January (2013), The Federal Savings Bank found that during the financial crisis mortgage refinancing activity outpaced first-purchase mortgage transactions by close to 2 to 1 margin.
The survey accounted for data collected between November 16 to November 27 of 2012. Close to 60 percent of homeowners refinanced their existing mortgages and only 33% of homeowners obtained a purchase mortgage. Ten percent of the respondents did both.
Low interest rates have presented a golden opportunity for homeowners to finance and save money. This savings really ads up to thousands over the long duration of a mortgage. Homeowners should see if they qualify for refinancing options now.
Homeowners who are interested in refinancing their homes might be interested in checking the mortgage refinance rates from The Federal Savings Bank. Former servicemembers who are looking for ways to pay for a new home are also in luck, as the government also offers VA home loans, which only requires them to pay a fraction of the usual down payment on the house of their choice.