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National Mortgage Professional
Jan 28, 2005

Homeowners Report on RefinancingMortgagePress.comRefinancing, Statistics, Interest Rates, Payments Mortgage rates may be the lowest they have been in 40 years, but according to a recent survey conducted by InsightExpress, these low rates, while indeed primary, are not the only reason for homeowner refinancing. A survey of 500 homeowners revealed that more than one-third of the group is likely to refinance in the near term, although nearly half of this percentage has gone through the paperwork-intensive process at least once before. For those considering, other key deciding factors are being weighed, including the desire to lay out as little cash as possible in the process. A variety of factors were cited by survey participants as being important to their refinancing decisions: Refinancing: Reasons Considered Extremely Important Lower Interest Rate: 85 percent No-Cost/Low-Cost Closing: 72 percent Fixed-Rate Commitment: 66 percent No Point Commitment/Requirement: 61 percent Lender Reputation: 53 percent Local Presence of Loan Backer or Mortgage Company: 26 percent Many participants cited a reduction of monthly payments and consolidation of loans and debt as primary motivating factors for refinancing. However, additional concerns come into play: Refinancing: Reasons Considered Primary Reduce Monthly Payments: 54 percent Consolidate Loans and Debt: 18 percent Reduce Loan Term: 15 percent Utilize Equity for Home Improvements: 11 percent Utilize Equity to Fund Education: 2 percent When seeking refinancing information, 48 percent of all participants turned to traditional financial service institutions, 25 percent turned to Mortgage Brokers and 21 percent turned to online brokers, 17 percent used either the newspaper or an online news source for information, and a final 15 percent used an online mortgage information portal.
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