Roadblock to Mortgage Refinancing
Independent filmmaker De Veau Dunn tried to refinance his mortgage last summer to reduce his 6 percent interest rate. He didn’t qualify because he owed more than his home was worth. This spring, Dunn, who lives near San Diego, could proceed thanks to new rules in a federal program to help borrowers like him. He just closed on a new loan at 4 percent, saving $700 a month. “Seven hundred a month times 30 years—that’s a bit of a savings,” he says.
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