U.S. House introduces ‘Responsible Homeowner Refinancing Act’

Good News for Homeowners

Just a few days ago, a bill that was first introduced in the Unites States Senate earlier this spring has a new partner. There is a current bill in the Unites States House that is titled the "Responsible Homeowner Refinancing Act." It is a positive move for America and is being applauded by the National Associated of Realtors.

In order to become a law both the Hose and the Senate must approve it and then of course the bill needs signed by the United States President. Here is what the act does.

Right now mortgage rates are lower than ever. Homeowners who have acted responsibly and would like to take advantage of these low rates but cannot will benefit from this bill. This bill takes away the many hurdles these homeowners may face.

Some cannot afford the costs in refinancing. There are upfront appraisal fees and other costs involved. Some homeowners may not qualify for the popular HARP loan because they lack equity in their home or even have too much. This bill would also help the person who has mortgage insurance and cannot qualify for loan. It truly is great news for people across the nation.

Earlier this spring the National Association of Realtors President upheld this bill and stood behind it asking for it to pass. Broker Keith Redding too agrees with this bill. He has said that, "As a professional broker and advocate for home ownership, I know that we must find a way to help people in this broken economy stay in their homes." Redding went on to say, "When we get rid of the many refinancing hurdles homeowners face, we open the door to their future, we give them hope and the opportunity to stay in their home and gain financial relief."Many professionals around the nation are pleased and excited to see this bill come to life.

If passed, this bill could help keep the number of Sarasota Foreclosures and short sales down, and help rejuvenate the Sarasota Real Estate market.

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