More than 19 million homeowners could realize significant savings by refinancing their mortgage loan at today’s interest rates. That is according to the mortgage data firm known as Black Knight.
If they do refinance, one of the decisions borrowers will need to make is how to pay the closing costs associated with a new loan. They could: a) pay the closing costs upfront, b) add the costs into the amount of the loan, or c) trade the closing costs with the lender for a higher interest rate.
The key to finding the best terms for homeowners is to shop around.