Please ensure Javascript is enabled for purposes of website accessibility House passes Cephas bill to reduce costs for homeowners

House passes Cephas bill to reduce costs for homeowners

Would provide pathway for lower interest rates and access to credit

Philadelphia House Delegation    May 12, 2025 | 5:04 PM

HARRISBURG, May 12 – Today, 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.

“In these times of financial insecurity, allowing home buyers the option to buy down the interest rate on their mortgage can mean significant monthly savings,” Cephas said.

“Reducing monthly costs would keep Pennsylvania competitive by encouraging workers and families to stay in state and build communities. I’m focused on helping more people afford their dream home and be able to stay in that home and build generational wealth.”

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.

The 192nd Legislative District comprises communities in West Philadelphia which are north and west of Market Street including Overbrook, Overbrook Park, Wynnefield, Carroll Park and others.