HARRISBURG – Earlier this week, the Pennsylvania House of Representatives passed legislation sponsored by state Rep. Morgan Cephas, D-Phila., that would permit mortgage lenders to offer discount points to borrowers to lower their interest rate and monthly payments. House Bill 1103 would expand opportunities for affordable credit so that home buyers wouldn’t need to turn to higher interest options like personal loans or credit cards. This would align Pennsylvania law with what 45 other states are already doing and provides consistency for multi-state lenders. The bill would also benefit homeowners who have an existing mortgage by providing a cost-effective avenue to access the equity in their home to consolidate debt, fund renovations for their home or other immediate uses for personal capital. The bill passed the House unanimously and now goes to the state Senate for consideration.
