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For most homeowners, their mortgage payment is the largest monthly expense in their budget.

Yet, more than a quarter of homeowners are unaware of how much that monthly payment is actually costing.

According to a survey conducted by Bankrate, some 27 percent of homeowners do not know what their current mortgage rate is. This can become a substantial issue given how much interest rates have fallen. About 43 percent of those surveyed believed their rate was about 7 percent, which is more than 4 percent higher than today’s rate.

A real estate analyst with Bankrate noted that homeowners may be missing out on opportunities to build up retirement funds, savings or investments as a result.

Sometimes what you don’t know, can hurt you.

If you own a home and feel a little uncertainty about how much interest you’re currently paying, it may be a good time to take a closer look and weigh your options. As rates continue to fall, you may be in an opportune position to explore the potential savings of refinancing your mortgage.

When homeowners decide to refinance their mortgage, they can expect to lower their monthly payments. In order to fully take advantage of this cost-cutting measure, it’s important to consider how long you plan on living in the home.

If you are a resident of Roseville, and a mortgage refinance has crossed your mind, contact us today to learn more. Today’s rates may be lower than you think, so it’s important to compare your current rate and the potential short- and long-term benefits of refinancing your loan.

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