This would save thousands of homeowners up to $1500, and an average of $750, and the lower upfront fees will unlock substantial savings for homeowners as mortgage rates continue to fall and more homeowners are able to refinance. The Federal Housing Finance Agency has approved policies and pilots to reduce closing costs for homeowners, including a pilot to waive the requirement for lender’s title insurance on certain refinances. Lowering Closing Costs for Refinancing.And today, the President is announcing new actions to lower the closing costs associated with buying a home or refinancing a mortgage. Last year, the Department of Housing and Urban Development (HUD) reduced the mortgage insurance premium for Federal Housing Administration (FHA) mortgages, saving an estimated 850,000 homebuyers and homeowners an estimated $800 per year. The President isn’t waiting for Congress to lower costs for homebuyers and homeowners. This proposal is estimated to help 400,000 families purchase their first home. The President continues to call on Congress to provide up to $25,000 in down payment assistance to first-generation homebuyers whose families haven’t benefited from the generational wealth building associated with homeownership.
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