How Biden Refinance Home Loans Can Save You Money

Refinancing your home loan with the Biden administration's program can be a game-changer for your wallet. You can potentially save thousands of dollars in interest payments over the life of your loan.

By refinancing, you can take advantage of lower interest rates and save up to 20% on your monthly mortgage payments. This can make a huge difference in your household budget, allowing you to allocate that extra money towards other important expenses or savings goals.

The Biden administration's refinance program is designed to help homeowners who are struggling to make their mortgage payments, or those who are looking to lower their interest rates and save money.

A fresh viewpoint: Joe Biden

You can refinance your mortgage to secure super-low interest rates, just like Vice President Biden did. He refinanced his home and two home equity lines of credit in 2013, saving thousands of dollars a year.

A 1.25 percent interest rate difference can amount to more than $6,000 in savings a year on a $500,000 mortgage, although after-tax savings would be less due to the mortgage interest deduction.

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Biden paid off a mortgage with a 4.625 percent interest rate with a new, 30-year mortgage with a 3.375 percent rate from TD Bank, which has a Canadian parent company.

Refinancing to a 30-year mortgage can provide lower monthly payments and save you money in the long run.

The new mortgage is between $500,000 and $1 million and includes a rental property, highlighting the importance of considering your specific financial situation when refinancing.

Biden also refinanced two home equity lines of credit, each worth more than $100,000, and took out a new home equity line of credit worth more than $250,000 with a 2.75 percent interest rate and a 20-year term.

A unique perspective: Can I Refinance My Mortgage and Home Equity Loan Together

The Biden administration has taken steps to make refinancing more accessible to homeowners, but let's take a look at how Vice President Biden himself has benefited from refinancing.

Vice President Biden refinanced his home and two home equity lines of credit in 2013, securing super-low mortgage rates that will save him thousands of dollars a year.

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He paid off a mortgage on his Delaware home with a 4.625 percent interest rate with a new, 30-year mortgage with a super-low 3.375 percent rate from TD Bank.

Saving 1.25 percent on a $500,000 mortgage would amount to more than $6,000 in savings a year, although after-tax savings would be less because of the mortgage interest deduction.

He also paid off two home equity lines of credit each worth more than $100,000 and took out a new home equity line of credit worth more than $250,000.

The new home equity line features a super-low 2.75 percent interest rate and a 20-year term, also from TD Bank, which should save Biden thousands more each year.

Here's an interesting read: Home Equity Loans