Some exciting new changes are on the horizon for this government sponsored mortgage refinance plan. While the details are still unclear, it's certain that our government recognizes the importance of helping American Families get their financial houses in order. For a robust economic recovery American Families need help taking advantage of these historically low mortgage interest rates. While I'm not a fan of giving everyone a free lunch or rewarding those who've taken advantage of the system, I see absolutely no reason why a homeowner who is making their payment each and every month, despite the decrease in the value of there home, shouldn't be given this opportunity. The US government is already on the hook for these loans and the probability of default only increases if these homeowners are left to pay higher payments for an extended period of time. The biggest issue facing the success of this plan is the significant loan level pricing adjustments that significantly increase the cost or rate of these refinances. These pricing adjustments should be removed or should decrease for each 6 months or year that the current loan being refinanced has been paid. Giving American families some help can only help solidify our countries future. Keeping the note rate low on these HARP mortgage refinances will put billions of dollars back into the hands of consumers and give them the confidence to start spending again, rather than struggling to pay their mortgage payments.
I am always available to consult anyone with question about any sort of home mortgage financing questions and welcome all calls and e-mails.
Peirce
peirce@peircecook.com
301-919-0030
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