Legislation would allow homeowners to take advantage of current low interest rates
Earlier this month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauded California Congressman Jim Costa (D-Fresno) for introducing legislation that will allow responsible homeowners to take advantage of current low interest rates on mortgages.
“The Responsible Homeowner Refinancing Act” aims to remove barriers that keep homeowners from refinancing through the Home Affordable Refinance Program (HARP) and level the playing field to allow banks to compete for borrowers’ business.
“C.A.R. thanks Congressman Costa for introducing this important legislation that will help millions of struggling homeowners refinance into affordable mortgages,” said C.A.R. President LeFrancis Arnold. “Allowing responsible homeowners to refinance will ensure that HARP can be used to its fullest potential and reach every homeowner it was intended to reach. We hope the House will find time to address this important piece of legislation prior to the end of the session,” said Arnold.
Specifically, the bill eliminates hurdles to refinancing for homeowners who:
• Cannot afford upfront fees or the cost of appraisals
• Have too much or too little equity to qualify for HARP
• Have a second mortgage and currently cannot refinance
• Have mortgage insurance and currently cannot refinance
Costa’s bill is the House companion to legislation introduced last May by Sens. Barbara Boxer (D-CA) and Robert Menendez (D-NJ). “The Responsible Homeowner Refinancing Act of 2012″ would streamline and align the refinance processes of Fannie Mae and Freddie Mac and make it easier for homeowners who are current on their mortgage payments but who have been previously unable to refinance to finally take advantage of record low interest rates.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Personal note: Phooey. We don’t qualify for this on our own home because we don’t have a government-backed loan.