As Housing Rebounds, the President Speaks About Refinancing

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The Federal Savings Bank echos news from President Obama that refinancing may become easier in the future.

VA and FHA home loans at The Federal Savings Bank

The Federal Savings Bank

Despite a recent rate hike, refinancing remains attractive with current interest rates.

When lien holders are at their threshold over to make the mortgage payment, The Federal Savings Bank encourages refinancing.

"We as a bank do not want our mortgage holders to foreclose on their homes, thus we offer refinancing when the option is necessary" says Nick, a banker at The Federal Savings Bank.

Refinancing, while less frequent as the US economy recovers is still a necessity for some Americans, especially those that own homes n areas that experienced large declines in home values. Americans in Phoenix, where President Obama gave a speech on Tuesday, are underwater on their homes when they desperately need to refinance. Being underwater on a home is when the value of a home is less than the outstanding mortgage.

Despite a recent rate hike, refinancing remains attractive with current interest rates.

The good news is that according to ABC News "percentage of mortgage holders at least two months behind on their payments" declined from 5.49% in the first quarter to 4.09% in the second quarter (April to June period.

"With falling unemployment and higher wages, we are seeing less current lien holders requesting to refinance" says Nick. If in need to refinance a mortgage at a competitive rate, please contact a loan officer at; TheFederalSavingsBank.com

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