Here is a good suggestion for homeowners who have paid on their mortgages:?
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I know this would only be one part of helping our economy but wouldn’t it be logical to lower the mortgage loan rates across the board to say 2 or 3% and watch everyone who pays their mortgages on time go and refinance. I am sure that would help to stimulate the economy. I am not an economist but it sounds good to me, especially since the banks are in major trouble they brought on themselves.
Depends on which side of the table your standing on. Banks and Mortgage co.’s will never agree because it would tie up the money for too many years at a low rate. For instance: My bank gives me 2% on my CD’s but then charge you 2% interest to you. That would be a wash and the banks wouldn’t make any money. Then when and if the interest rates increase they will pay me more than they would collect from you. Good suggestion, but I don’t think it would work.