Require banks to automatically refinance all current mortgages at 31/2% interest for seven years and make them assumable .
People who already own a house can use the program to refinance a current mortgage to a level that might not otherwise be available.
At the same time share capital rose to £12,000 and the current mortgages and debenture were repaid in favour of a new first mortgage.
In making a refinancing determination, a time frame evaluation comparing your current mortgage with a new mortgage is essential.
Refinance - a new loan - with new terms, interest rates and monthly payments - that completely replaces your current mortgage.
"And we've timed it to dovetail with the expiration of their current mortgage."
The current, no-interest mortgage of $353,700 expires on June 30, 2011, after that date the property will revert to its former owner.
MOST homeowners are aware that they may save money by refinancing their current mortgage to a loan with a lower interest rate.
Did you get your current mortgage before January 1, 2009?
They also should find out if a company's initial fee covers a lifetime contract - assuming the company remains in business - or only the current mortgage.
