“Mortgage refinances surged in the last two years, as many homeowners were able to take advantage of historically low interest rates,” researchers from the Federal Reserve Bank of New York wrote in a blog post based on new data on household debt and credit.
“The recent refinancing boom is effectively over, given the recent increases in mortgage rates and the fact that many borrowers who would benefit from a refinance have already done so,” the researchers write.
But once your principal loan balance is less than 80% of the current value of your home, the service provider may be able to remove the private mortgage insurance and save you $100 to $300 a month, says Jarrod G.
Government-sponsored tax credits and deductions for improving the energy efficiency of your home also help you save money on your electric bill and increase the overall value of your home, putting more money back in your wallet, says Wheeler Pulliam, CFP with Xponify Financial.
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