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Obama Refinance Plan – Get the Lowest Mortgage Rates Possible

Posted on | October 30, 2009 | No Comments

The Obama Refinance Plan was created to help all home owners have the opportunity to refinance at the lowest mortgage rates possible.  Prior to March of 2009 it was very difficult to lock in to a low mortgage rate because lenders were being very strict with their money.  When President Obama released the Making Home Affordable Plan that changed things.

Part of the Making Home Affordable Plan was to give incentives to lenders to actually lend money to all borrowers.  This has worked as many mortgage lenders have extending the amount of borrowers they have qualified.  No one knows exactly what these incentives are but they have definitely worked to help home owners refinance at low rates.

Another important part of the refinance plan is keeping mortgage interest rates low.  The year of 2009 will go down as the year of the lowest mortgage rates in history.  There is a chance that the average 30 year fixed mortgage rate for the year could be below 5%.  Even if the average is not below 5% it is still going to be extremely close.

If you have been thinking about refinancing your current home mortgage now is one of the best times in history to get it done.  Even though mortgage rates are not at an all time low they are still extremely low when looking at history.  Many current home owners would do anything to be able to have a mortgage rate close to 5% so take advantage of this opportunity.

There are many mortgage lenders who are currently advertising mortgage rates well under 5%.  You will never know what mortgage rate you qualify for until you actually get out there and go through the home refinance process.  With so much competition out there there should be no reason that you cannot find a lender that will qualify you for a reasonable mortgage rate.

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Author: Heather Best

Category: Obama Mortgage Plan

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