. >> reporter: matthew buler had plenty of equity in his boca raton home but didn't decide to refinance until he absolutely had to. >> we were looking at new and resale construction and the pricing that we were running into just didn't financially make sense for our family. >> reporter: home prices were so high he decided to stay in his current home and refinance taking cash out for renovations. >> i think interest rates are going to go up and that's part of the reason why my wife and i decided to go ahead and move forward with it. >> close to 4.5 million borrowers nationwide are eligible and have financial incentive to refinance their current mortgages, that according to a new report by black knight financial services which factored in closing cost, 1.6 million borrowers from a few months ago at today's rate, the average borrower could save $260 per month and nearly 700,000 borrowers could save $400 or more per month why don't they refi? >> i think there's a little bit of a cloud when it comes to mortgage financing in other words, a lot of people think the process is very difficult whe