Economic Stimulus Bill Could Save You ThousandsFeb 13 2008For Immediate Release
CHICAGO, IL — February 13, 2008 — CNBC's Diana Olick reports that President Bush's economic stimulus bill could trigger a new mortgage refinance boom. The newly signed legislation potentially lowers mortgage rates for many borrowers.
Home owners benefit from reduced interest costs because loans previously classified as jumbo were instantly transformed into conforming loans with lower rates. "At those loan amounts it translates into three, four, five, six-thousand dollars a year in savings," said Greg Rand, managing partner of Prudential Rand Realty.
Please view the report on CNBC to see how they estimate a conforming loan previously capped at $417,000 in Los Angeles jumps to $729,750, with similar savings opportunities in other metropolitan areas like Miami, Boston and Washington, D.C.
Olick reminded everyone to act now. "This is only a temporary boost in the GSE and FHA limits," she said. Guaranteed Rate is here to help you take advantage of these limited-time reductions, so apply today to refinance with the guaranteed lowest rates and fees.
Our mortgage consultants will help you find out right away if you can take advantage of these savings, and if not, provide you with alternative cost-saving solutions.