Mortgage

5 big lenders to help lower military mortgage payments

Obama Administration's new push to help service members

Wells Fargo (WFC), Bank of America (BAC), Ocwen Loan Servicing (OCN), CitiMortgage (C) and Quicken Loans all committed to the Obama Administration’s new program to make it easier for active-duty servicemen and servicewoman to afford homes and help them save hundreds of dollars or more each year. Per TIME:  

Currently, Americans serving on active duty are eligible to have their home interest rates and some other debt fees capped at 6% under a 2003 law, but they must first prove their eligibility to lenders.

But according to the article, few service members utilize the benefits because they are either unaware or they don’t want to deal with the paperwork.

“We’re announcing a new partnership in which some of America’s biggest banks and financial institutions will simplify the process, proactively notify service members who qualify for lower rates and make it easier to enroll,” Obama said. “In other words, we’re going to help more of our troops and military families own their own home without a crushing debt.”

Most Popular Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Co-living startup Bungalow raises $47 million, including investment from Alex Rodriguez

Real estate startup Bungalow launched last year, offering a unique solution for finding affordable housing in some of the nation’s most expensive housing markets. Now, the company has raised $47 million from various investors, including A-Rod Corp., the investment firm founded and led by former MLB star Alex Rodriguez.

Nov 18, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please