May 29, 2009
WMUR-TV
Critics Say Proposal Would Hurt Homeowners Seeking Refinancing
CONCORD, N.H. — Critics are saying a new proposal in the state budget could hurt those who need help making their mortgage payments.
At a time when interest rates are near record lows, many people are finding this is the best time to refinance their mortgages and lower their monthly payments. But as the state tries to find ways to raise revenue, refinancing might cost more than expected.
Some lawmakers in Concord are quietly examining the possibility of including mortgage refinancing under an existing 1.5 percent real estate transfer tax. That means refinancing a $200,000 mortgage would cost the homeowner an additional $3,000.