News

04/11/2009 - President Obama urges Americans to Refinance Their Mortgages

President Obama is urging millions of Americans to refinance their existing mortgages. He has declared that these record low interest rates are “good news” in the midst of this recession.

“We are at a time where people can really take advantage of this,” Obama said, seated with a handful of homeowners who have already lowered their bills.

In a recent housing finance roundtable discussion, President Obama spoke about the extraordinary steps being taken by the Federal Reserve and the Treasury which have resulted in rates that are lower now than they have been since 1971. He also went on to state that 75% of the American people get their mortgages through Fannie Mae and Freddie Mac sponsored programs (which goodmortgage.com provides to their customers), which is where the lowest rates are found.

According to President Obama, “there are seven to nine million people across the country who could be taking advantage of lower mortgage rates.” The government believes that the average family could save $1600 - $2000 a year by taking advantage of these rates.

The message we can take away from the President is very simple. Although we may be in a recession, we can save substantial money by refinancing our homes while rates are at these historic levels. 

We suggest putting your application in progress now by applying online, you can either lock your rate now, or float as you we get closer to closing when rates drop.  Consider signing up for our Rate Watch - which can email our rates to you when you choose.  Or ask us to provide a custom rate quote for your situation.

Or you can always call us toll-free at 877.523.3886 and ask to speak with a loan specialist.