There are many reasons why homeowners make the decision not to refinance their homes. The truth is though that it can be a costly mistake and the exact amount lost per homeowner is affected by their individual circumstances. A new research study was conducted recently to try to quantify how much money people lose by not refinancing when mortgage rates decline.

The study, conducted buy Benjamin Keys and Devin Pope from the University of Chicago, found that the median household loses an average of $45,000 over the life of a mortgage and that the mistake of not refinancing is a widespread one. Using a sampling of 1.5 million single family homes with active mortgages in 2010, almost 300,000 homeowners had not refinanced their mortgage even though it would have saved them money to do so.

The reasons most people site for not refinancing are varied. For many consumers it's difficult to figure when it's the right time. Also, the upfront costs for refinancing can be an obstacle, and then there is the assumption that offers for refinancing that come in the mail are scams or just too good to be true.

The simple fact is that no matter your circumstances it pays to consult a mortgage professional for an evaluation of your unique situation. I work with a team of mortgage professionals who would be happy to assist you with your refinance or new home purchase. Call me today and we can get to work!