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Refinance Pool Grows, but Not Among Sub-620 Credit Scores

Tuesday, April 7, 2015

The number of homeowners who could potentially benefit from refinancing has increased by 3 million in the last year according to Black Knight Financial Services' April Mortgage Monitor. Interest rates have dropped back in recent month while home prices have continued to rise, growing the pool of borrowers who appear to meet broad-based eligibility criteria for refinancing substantially. 

Trey Barnes Black Knight's senior vice president of Loan Data Products, said, "Black Knight looked at the population of borrowers whose current interest rates - as well as credit scores and loan-to-value ratios - mark them as good candidates for refinancing.  In February 2014, there were approximately 4.1 million borrowers who could both benefit from and potentially qualify for refinancing their mortgages. Through a combination of declining interest rates and increased equity among borrowers driven by home price increases, an additional three million borrowers now meet the same broad-based eligibility criteria as compared to one year prior." While the number had reached as high as 7.4 million in September 2014, as of the end of February 2015, there were a total of 7.1 million potential refinance candidates.

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