President Obama has proposed a plan that will help millions of responsible homeowners save hundreds of dollars each month by refinancing their mortgages at today's historically low interest rates. On average, homeowners who refinance will save $3,000 each year—that’s enough to pay for three years’ worth of auto insurance. To help people understand the President’s proposal, and why easier access refinancing—and the savings it offers—would help homeowners, communities and our nation’s economy, we asked we asked Jim Parrott, Senior Advisor for Housing at the National Economic Council, to go "on the clock" and explain the proposal in sixty seconds (or less). Check it out, then tell us why you support the President’s refinance plan .  Still have questions? Check out  Jim Parrot's video responses to four common queries about the President's plan. And later this week, you can U.S. Department of Housing and Urban Development Secretary Donovan, who will be answering via video response.  You can ask us @ WhiteHouse using the hashtag #WhyRefi , on our Facebook wall , on our Google+ page or on this webform on Whitehouse.gov . read more