Ed note: This blog post originally appeared on Whitehouse.gov, authored by Megan Slack.
Did you know that the average homeowner could save $3,000 a year by refinancing at today’s historically low interest rates?
Unfortunately, far too many borrowers are locked out of a chance to do so. Complicated application processes and eligibility requirements, costly appraisals, and the fact that many homeowners owe more on their mortgage than the value of their home make refinancing all but impossible for millions of Americans.
President Obama’s plan to help millions of responsible homeowners save hundreds of dollars each month is simple: make refinancing easier, even if homeowners are are underwater, and regardless of who owns their mortgage. The President’s 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.
Want to know if you would benefit from the President’s proposal? We’ve built a tool to help answer that question.
Just enter a few basic facts about your mortgage, and this tool will help you figure out if you currently qualify for easy, low-cost refinancing — or whether, like millions of families, you need Congress to act to help you lower your interest rate.
For more information:
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