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

Tips to save money for an extra mortgage payment

Tips to save money for an extra mortgage payment

Making extra payments on a mortgage could drastically cut down on interest payments, saving homeowners money in the long run.

February 24, 2015

44 million US homes had equity in Q2 2014

44 million US homes had equity in Q2 2014

Fewer mortgaged homes were underwater in the second quarter of 2014, according to a recent report from CoreLogic.

September 30, 2014

NAR: December existing home-sales rose as interest rates fell

NAR: December existing home-sales rose as interest rates fell

The National Association of Realtors reported December sales increased, up 3.5 percent from the same month the previous year.

January 26, 2015

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

Nearest ATM

20321 Susan Leslie Dr, Ashburn, VA 20147
Distance: .75 miles
Driving Directions Find More ATM Locations