Last month, Black Knight Financial Services released its Mortgage Monitor Report, which stated that about 7.1 million people could potentially benefit from refinancing their Florida mortgages. That’s an increase of 3 million from 2014.

What’s fueling this increase? Declining interest rates, along with increased equity among borrowers because their homes have increased in value. Black Knight develops this number by looking at the number of borrowers whose current interest rates, credit scores, and loan-to-value ratios indicate they would be good candidates for refinancing.


The phrase “act now” is a staple of late-night infomercials, but it’s also applicable to refinancing. Black Knight warns that this potential refinance benefit could be lost if interest rates move back up, even half a percentage point.

So why don’t people take advantage of refinancing? The National Bureau of Economic Research published a paper on this topic in 2010. At that time, about 20 percent of households that could have benefited from refinancing didn’t do it. The authors noted that the median savings per household was about $160 per month over the life of their loans.

The paper suggested there are “informational barriers” about the potential benefits and costs of refinancing. They also suggested that “psychological factors”, such as procrastination, mistrust, and the inability to understand complex decisions, may keep people from refinancing.

Embrace Home Loans Can Help

While there isn’t much we can do to keep you from procrastinating, Embrace Home Loans can help with the other barriers to refinancing. We’ll be happy to explain to you how refinancing can improve your financial situation, and we’ll work with you to find a loan that fits your needs. We’ll help you through the process, and help you put more money in your pocket, instead of in your Florida mortgage payment. And finally, we’re a trusted name in mortgages, having helped tens of thousands of customers over the last 30 years. So don’t procrastinate – call us today at 407-733-6425.