Last year, refinanced mortgages accounted for $2.8 trillion in originations. Because of the historically low interest rates, refi's accounted for more than half of 2020's entire volume.
However, a recent FHFA press release stated that over 2 million low-income families couldn't take advantage of these historically low interest rates by refinancing.
More than 2 million people who might have been able to benefit the most from refinancing couldn't do so. A missed golden opportunity for them to save an extra $1,200 - $3,000 each year.
That's all about to change as those homeowners will soon have the opportunity to take advantage of the current low rates with the launch of Princeton Wholesale's RefiNow program.
This program will make it possible for your borrowers from low-income families with a Fannie Mae-backed loan to refinance and save between $100 - $250 every month. Additionally, the RefiNow program helps out in other ways by covering the cost of an appraisal up to $500 for your borrower.
We've rolled out this program earlier this week, and it is a great opportunity for you to reach out to some of your past customers to help them save some money.