How President Biden's Plan Can Help You Save Big on Mortgage Refinancing
Biden's Proposal for Mortgage Refinancing Cost Reduction
Refinancing a mortgage can be costly. Read on to see how refinancers may be in for relief.
Because mortgage rates are high right now, it's not the best time to refinance a home loan. But in time, those rates are apt to come down. And from there, refinancing a mortgage could make sense for a large number of buyers, from those seeking to lower their monthly payments to those looking to take cash out of their homes for renovations and repairs.
Impacts of Title Insurance Fee Elimination
- President Biden's proposal to eliminate title insurance fees on federally backed mortgages could save refinancers a significant amount.
- When you buy a home, a title search and title insurance are expenses you have to cover as part of your closing costs. The same holds true when you refinance a mortgage.
Biden stated, 'My administration is also eliminating title insurance fees on federally backed mortgages. When you refinance your home, you can save $1,000 or more as a consequence.'
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.