Homeowners with JP Morgan, like the homeowner’s with other lenders, are looking for a lower mortgage rate on their home, as rates stay around 5% on the 30-year fixed rate mortgage. Homeowners that are refinancing have typically done so in the past for the money they receive on equity built up in their home, but homeowners today are looking for a lower monthly mortgage payment.
Homeowners that are refinancing to a lower rate are doing so because of financial troubles that have come with the tough economic times as of late, and they are looking at these near-record low rates that are still being offered.
Getting a lower rate on a mortgage has brought a lower mortgage payment for many homeowners, but it has too, brought in money from a home’s equity. Yet, there are homeowners that are financially savvy and have used that money to pay down the principal amount on their home, which is going to benefit them in the long run.
While there are benefits to getting a lower mortgage rate by refinancing, homeowners are being advised to look over their financial situation and make sure that refinancing is in their best interest before proceeding.