President Obama is asking Congress to take action on a plan that would cut red tape so that more responsible homeowners who are paying their mortgages each month can refinance at today’s low interest rates and save hundreds of dollars each month.
The White House answers your questions.
Today, home interest rates are at historic lows—on average, below 4 percent. The average homeowner could save $3,000 a year by refinancing at today’s low rates
How would the proposed plan help homeowners?
The proposal would establish a quick and hassle-free process for homeowners who are current on their mortgage payments and want to refinance—no more tax forms, and no more appraisals—just a lower interest rate, and lower payments each month.
What about underwater homeowners?
The proposal now being considered in Congress will help millions of these families. Whether your home has fallen in value or your credit was harmed, as long as you’ve been paying your bills on time in recent months and your loan is backed by Fannie Mae or Freddie Mac, you will finally be able to refinance.
How does refinancing help the economy?
Homeowners will have more money to pay bills, more money to spend in shops and restaurants in their communities, or more money to save for college or new car. In turn, this spending—made possible by refinancing—will benefit our entire economy, and help spur the growth we need.
Speak out if you support helping homeowners.
For the whole story visit the White House website
You can use the hashtag #MyRefi to add your voice on mortgage refinance policy.