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Government Mortgage Refinance Plan – Has Obama Helped Save Your Home?

Posted on | November 4, 2009 | No Comments

The government mortgage refinance plan was created by the Obama administration to help you save your home.  There are many home owners out there who have had the opportunity to lock into lock mortgage interest rates in the seven months.  Mortgage rates have been very close to historic lows so these home owners are saving a great amount of money by refinancing.

If you have considered a home refinance but you have been reluctant now might be the time to get off the couch and get it done.  The average 30 year fixed mortgage rate is now below 5% and mortgage lenders are more than willing to help you apply for a home refinance.  Nothing is guaranteed when it comes to qualifying for a home refinance but there is no reason you shouldn’t apply.

With credit scores dropping each and every day it is sometimes hard to qualify for a low mortgage rate but you will never know what rate you qualify for until you try.  Even if you have very bad credit you might find mortgage rates are still lower than your current mortgage rate.  If you stand to save a full percentage point by refinancing then it would be a good idea to go through with the entire process.

If you cannot save a full percentage point then it would not be advisable to refinance because you will end up paying more in costs and fees to complete the entire process.  If you go the route of a no closing cost mortgage then you are likely going to find that your mortgage rate is a little bit higher because there are no fees involved in the process; mortgage lenders are going to get their money one way or another.

There is no reason that you should not take advantage of the government mortgage refinance plan.  President Obama and his staff have created a plan to help you save your home and avoid foreclosure by lowering your monthly mortgage payment.  Mortgage lenders are willing to help you with this process so it would be a good idea to get out there and see what mortgage refinance rate you qualify for.

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Author: Mike Garner

Category: Government Mortgage Refinance Plan

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