Nearly 5 million homeowners can now save money on their mortgages

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A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages. With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance that could reduce their interest rates by at least three-quarters of a percentage point, according [.]

That is a nearly 50 percent increase in the size of that population in a single week. On a $300,000 mortgage, a refinance from 4.81 percent to 4.06 percent would save the homeowner about $133 per month. A sharp drop in interest rates last week suddenly made millions more borrowers eligible to refinance their mortgages.

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 · There are monetary limits to the total amount of debt, of course: Interest paid throughout the year is deductible on your taxes for mortgages up to $1 million for a loan issued prior to Dec. 14, 2017, and up to $750,000 for any loans issued after that date.

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American home buyers could save $776 million in. put 5% or less down on their current home, according to 2017 data from the American Housing survey. home buyer takeaway: A 20% down payment is a.

The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate — two million more than last month, according.

The Home Equity Theft Reporter: South Florida Feds Nail Two Area Title Agents For Roles In Mortgage Fraud Schemes