Starting today, some homeowners here in Korea would be able to roll over their existing mortgages to a fixed-rate loan of less than two percent.<br />The program is meant to lessen the burden of home loans on ordinary people.<br />Our Eum Ji-young has more.<br />To lessen the risk and burden for people on high-interest, variable-rate mortgages, a government program is offering refinancing of existing home loans at fixed rates of less than 2 percent.<br />For comparison, rates normally are around 3 to 4 percent.<br />Applications are now being accepted at banks and the Korea Housing Finance Corporation,... and will be open until the 29th.<br />They can be submitted 24 hours a day through the website of the Korea Housing Finance Corporation, and online applications get an interest rate discount of a tenth of a percent.<br />Qualified borrowers can get a rate of 1-point-8-5 to 2-point-2 percent.<br />The program even applies to mortgages from the secondary market and when there are multiple loans on one house.<br />But it only works for variable mortgages taken out before July 23rd this year.<br />Also to qualify, you have to have a household income of less than about 72-thousand U.S. dollars and have only one house.<br />Higher incomes are allowed for younger couples and those with children.<br />Those who've been married for less than seven years and have two or more children, household income has to be less than about 85 thousand dollars.<br />Also, refinancing is only possible for homes worth less than about 760 thousand dollars and the loan will be limited to roughly 420-thousand dollars.<br />There are even lower rates for certain people including newly married couples, single parent families and multi-cultural families... starting at about 1-point-2 percent.<br />The program will get funding worth about 17 billion dollars.<br />If demand exceeds supply, priority will be given those with lower-priced homes.<br />Eum Ji-young, Arirang News.<br />
