The economy remains in a lull and millions of jobless or financially struggling Americans must find a means to pay monthly bills, debts and essential needs. Freddie Mac recently made it easier on homeowners to manage their mortgage, HousingWire reports.
Freddie Mac recently announced it has disbanded its minimum credit score requirement for those applying for a refinanced mortgage through their current provider. Eligibility requirements for applicants include that the homeowner must have at least a 20-percent equity on the home. "Not only is this an issue of fairness, but applying these measures to higher equity borrowers makes good business sense," Senators Barbara Boxer, D-Calif., and Johnny Isakson, R-Ga., said in a joint statement. With a successfully refinanced mortgage, a debtor gives themselves flexibility to pay for other immediate necessities. If you know of an individual who has recently refinanced their mortgage, send a notification that now may be an ideal time to pay off those debts while they have the funds to do so. Additionally, if a homeowner does in fact have a 20-percent equity on their home, consider suggesting refinancing as a solution.