Refinancing surge for high-interest, underwater borrowers

USAPlaceExpert

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Want to fix the housing marketing in the United States, you have to help the people and not just the big banks. That is exactly what is happening here, as this article explains, the Federal Housing Finance Administration has relaxed the requirements on underwater mortgagors to re-finance their mortgage. So no longer will they be paying sky high interest rates of 6% from when they got the mortgage originally, and they will be paying off their 'underwater mortgage' faster. That means they build equity, own their home, live in their home with more ease, and helps to get rid of the negative equity that people have - making it easier for them to put their home up for sale if they want to.



These are really quite staggering statistics.



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