PHILADELPHIA (KYW Newsradio) — The rush is on to refinance. And that has many Philadelphia area brokers keeping quite busy.
With 30-year fix rates in the threes compared to in the fours this time last year, many homeowners are refinancing their mortgages and some are saving up to $200 dollars a month.
Mary Massaro is a mortgage broker at Countryside Lending Group in Broomall. She says things have been really busy lately.
“For the most part a lot of my customers have been with me for a long time,” Massaro explained. “They just call in and they check and say, ‘what are the rates right now?’ What is the difference in the payment?’ Some people will drop from a 30-year to a 15-year in a good market and save even more.”
She says even though homeowners who are refinancing are saving money, some are keeping monthly payments the same to pay off the principal balance faster.
“People who are very good with their money will take it and apply it to their principal and reduce it,” Massaro said. “Some people will go out and have a good time.”