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S. Korea now offering fixed-rate mortage refinancing at under 2% Updated: 2019-09-16 08:15:15 KST

Time now for our "Life & Info" segment where we focus on information useful for your everyday life.
Starting today, certain homeowners in Korea can roll over their existing mortgages to a fixed-rate loan of less than 2 percent.
Applications are being accepted at banks and at the Korea Housing Finance Corporation under a program meant to lessen the burden of home loans on ordinary people.
To qualify, you have to have a household income, for couples, of less than about 72 thousand U.S. dollars.
It's higher for younger couples and those with children.
There are limits to the size of the loan and the value of the property, but borrowers can qualify for a rate of 1.8-5 to 2.2 percent.
There are even lower rates for certain people -- including newly married couples, single parent families and multi-cultural families.
KOGL : Korea Open Government License
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