Right now, refinancing a home mortgage can be confusing and costly — but it doesn’t have to be that way.

And that’s why President Obama is asking Congress to make things simpler for responsible homeowners as part of his To-Do List for lawmakers.

All over the country, there are Americans who bought houses before the financial crisis, and they’re locked in at high interest rates. Despite staying current with payments, they can’t refinance at today’s rates, which are historically low.

This issue affects you, even if you have a good rate, or don’t have a mortgage at all. Lower monthly payments mean lower foreclosure rates, helping property values in your community. And more money in people’s pockets helps to move our economy forward and create jobs.

By improving this process, responsible folks who work hard will be able to feel a little more secure in their finances and a little more secure in their homes.

Watch one of President Obama’s economic advisers explain how in this quick video:

Lowering the interest rate on your mortgage should be an idea that makes sense for both Republicans and Democrats. Outside the halls of Congress, paying a mortgage isn’t a partisan, political issue.

President Obama has done what he can to make refinancing simpler, but unless Congress acts, there’s a limit to how much we can help responsible homeowners.

Nothing will help to change the debate more than Americans across the country joining the conversation. We saw your impact a few months ago when Congress finally extended the payroll tax cut, keeping an average of $40 in everyone’s paycheck. Now it’s time to for more action – this time to help homeowners all over America.

So I’m asking you to talk to people about this refinance proposal and the other ideas on the To-Do List. You can find more info about them on WhiteHouse.gov:

http://www.whitehouse.gov/todolist

Thank you,
David

David Plouffe
Senior Advisor to the President

P.S. — If you’re on Facebook or Twitter, consider posting the video. I bet you’ll get a surprising response from your network. Most people don’t track the day-to-day in Washington closely, but all of us know people who would love to refinance their mortgages.