One of my good friends (and uber-smart, I’m-lucky-to-know-her-type-of-person) originally posted this on Zillow’s mortgage blog, and since she said it so well… I figured that there was no need for me to re-say it. Thanks Mary!
Speaking from the White House today, President Obama urged homeowners to refinance. Mortgage rates are at historical lows, and the government’s new Making Home Affordable plan has been set into motion, opening the door for millions of homeowners to refinance at a lower rate to reduce their monthly payments.
Obama noted that refinance activity has spiked recently: “We’ve already seen a substantial jump — 88 percent increase in refinancings over the last month.” At Zillow Mortgage Marketplace, we’ve seen it, too. Loan requests increased 164% in March vs. February, with more than 60% requesting a refinance loan.
If you are one of the 7-9 million people who could benefit from refinancing, make sure to check the most up-to-the minute mortgage rates, and then find out what rate you qualify for by submitting a loan request on Zillow Mortgage Marketplace to get personalized mortgage quotes from our network of thousands of lenders.
More info can be found at the official government Making Home Affordable website.
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I agreed with the president. After all the economy really need people to refinance and pull out the equity in their home and spend. Regardless if it’s a few thousand on closing cost or a cash out refinance to do home improvement, pay off a car loan, etc. It will pour much need money back into our national economy. I think he made a good move to urge people to refi now.
Thanks for the kind words, Justin!
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