The Federal Savings Bank Federal Savings Bank is veteran - owned bank, with a focus on VA and FHA lending for active duty and retired military and first time home buyers. We believe we offer the Perfect Mortgage Experience, which is our unique combination of outstanding customer service, low mortgage rates, and fast closings. We call it the Perfect Mortgage Experience because for 20 years that’s how our customers have come to know and refer us.
300 N. Elizabeth Street #3E


Bill to be introduced for homeowners to refinance

Bill to be introduced for homeowners to refinance
Click Image to view larger

Homeowners who are facing foreclosure and struggling to find ways to pay their mortgage might benefit from refinancing, which could be made easier in the coming months.

A bill was recently introduced by U.S. Senators Robert Menendez from New Jersey and Barbara Boxer from California that aims to help responsible homeowners refinance their homes at lower interest rates and build thousands of dollars in savings throughout the year.

“We need to bring much-needed relief now to hard working, responsible homeowners who are struggling to keep up with their high interest rate loans - including thousands in New Jersey whom I have heard from,” said Menendez. “We need to do this before interest rates go up again. It's time that Congress finally put families first and give homeowners who have played by the rules a fair chance to refinance at today's low rates."

Menendez added that the bill will help put thousands of dollars into New Jersey families' pockets, which will not come at a cost to taxpayers. He added that the bill would also stimulate the economy.

The original bill was introduced in the 112th Congress. With the most current interest rate amongst Americans being 3.53 percent on a 30-year mortgage, refinancing could be beneficial for those struggling to pay their mortgage.

“This bill is a win-win-win,” Boxer said. “Homeowners will have more money in their pockets, Fannie and Freddie will see fewer foreclosures, and the housing market and economy will continue building momentum. That's why the Menendez-Boxer bill has such broad support from industry and consumer groups.

Tips on refinancing
With more Americans looking to refinance their mortgage because of the current conditions in the housing market, Bob Johnson, the head of capital markets with New Penn Financial, recently gave tips on determining whether homeowners should take the necessary steps to start the process of refinancing.

Johnson suggests homeowners ask themselves if they are interested in leveraging their equity to repair or enhance their home, if they'll be retiring in the next 15 years and if they want to pay off their mortgage faster. Homeowners should also consider applying for the Home Affordable Refinance Program, which could help restructure a mortgage, possibly reducing the amount paid monthly.


Tagged As : Refinance Loans

Related News

Mortgage rates trend downward following global market instability

Mortgage rates trend downward following global market instability

Global market concerns led to a small drop in average mortgage rates for the week ending on Jan., 7.

January 7, 2016

What you need to know about mortgage refinancing

What you need to know about mortgage refinancing

If you're considering a mortgage refinance, be sure you know the fees and potential risks. 

October 13, 2015

Mortgage rates fall for third consecutive week

Mortgage rates fall for third consecutive week

Following continued market turbulence, mortgage averages continued to fall for the third consecutive week.

January 21, 2016

Why The Federal Savings Bank

Our goal is to develop customer relationships that are measured in terms of decades … not weeks or months, or even years.

Learn More
Find More ATM Locations