Free Re-Financing for responsible homeowners instead of modifications for deadbeats
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2010 Nov 3, 3:37am 1,263 views 1 comment
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The answer to stimulating the economy is ridiculously simple.
If the government just gave an $8k tax credit to all those who refinanced their mortgage to the currently historically low 4.25% for a 30-year fixed mortgage, this would do wonders to the economy.
The stipulation would be that you would need to have a current mortgage rate at least 1% above the current market rates.
You would still need to fully document your income and prove that you can afford to live there long-term. This would be such a better use of our tax-dollars instead of wasting them on extend-and-pretend loan modifications for deadbeat loan owners, like the government currently does, or an $8k tax credit to people who were going to purchase a home anyways.
The hundreds that the average American would save monthly would all be discretionary income that they could then spend to buy consumer products & services, thereby stimulating the economy for the next 30 years.
#housing