SmartAsset: Washington County saves most through refinancing

PROVIDENCE – Washington County residents stand to save the most in Rhode Island through refinancing loans, according to SmartAsset.
The financial technology company said that the average potential annual savings per loan in the county is $3,229, based on an average refinance amount of $265,094 and 1,154 loans refinanced. Annual savings for all the county was estimated at $3.7 million.
Newport County was next with $3,197 annual savings per loan, an average refinancing amount of $262,391, and 652 loans refinanced. Third was Bristol County with an annual savings per loan of $2,946, an average refinancing amount of $241,804 and 383 loans refinanced. Fourth was Kent County with an annual savings per loan of $2,177, an average refinancing amount of $178,715 and 1,259 loans refinanced.
Among the five Rhode Island counties, Providence County residents will save the least per loan, at an average of $2,121, with an average refinance amount of $174,110 based on 3,246 loans refinanced.
SmartAsset said it reviewed data on pre- and post-refinance interest rates, and the total balance of refinanced mortgages in every county in the U.S. to come up with its findings.
It said it applied the national average pre-refinance interest rate of 5.88 percent and the national average post-refinance rate of 3.98 percent to the total balance of refinanced loans in every U.S. county. That then gave the company expected total interest payments with, and without, refinancing. The difference between those two numbers yielded the total refinance savings by county. SmartAsset also divided the total savings by the number of loans per county to produce the average savings per refinance.

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