Last year when I purchased my new home I was excited to see that I would only be paying 4.875 percent interest on a 30-year fixed-rate mortgage loan. Since that time interest rates have continued to drop and last month I was able to refinance my mortgage at 3.75 percent on a 30-year fixed-rate note.
Unfortunately, not everyone is in a position to refinance their mortgage and possibly save hundreds of dollars per month on the house payment. A lower interest rate not only reduces your monthly payment but if you’re one of the millions of Americans that is underwater on your house, then a lower interest rate can also help you get right side up more quickly. The faster the housing market recovers, the faster the overall economy recovers.
The good news is that President Obama has proposed a new plan that will open up the mortgage refinance market to more homeowners. The Obama administration has created an interactive tool that can help you determine whether the President’s new plan, if implemented, would allow you to take advantage of today’s record lower interest rates.
After completing the short questionnaire, the app asks participants to add their name to a list of supporters as well as share their support via Facebook or Twitter.
If you’re in the market for a mortgage refi, would you qualify based on President Obama’s proposed plan?