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Obama Refinance Plan – Making Home Affordable Today with Low Rates

Posted on | November 9, 2009 | 2 Comments

The Obama refinance plan was created back in March of 2009. The plan is called making home affordable and that is exactly what the plan is designed to do for current homeowners. The initial idea was to help homeowners lower their monthly mortgage payments or they could avoid foreclosure. With foreclosure rates near all-time highs it is greatly hurting the economy.

If you are currently in a situation where you are very close to foreclosure it is possible you could benefit from them making home affordable plan. The making home affordable website is quite extensive and will offer you almost any bit of information you need to know. The only problem with this is that it is greatly in depth and will cause many hours of research to find what you want.

The one thing that Pres. Obama wanted to do was to keep mortgage interest rates low. The Federal Reserve Bank is done everything in their power to do this by buying mortgage-backed securities and US treasuries. As of October 31, 2009 the Federal Reserve has stop buying US treasuries but they will continue to buy mortgage-backed securities until March of 2010.

With this being the case mortgage interest rates have been very close to 5% for much of 2009. The year of 2009 will go down as the lowest average mortgage rates in the history of the United States. This data has been collected since 1971 and there are very few other years that even compared to this year when it comes to low mortgage rates.

With this being the case most homeowners should benefit by refinancing their home loans today. If you can gain a full percentage point on your mortgage rate than it is a good idea to go to the home refinance process. There many mortgage lenders out there who are willing to help you with this process so there is absolutely no excuse for you not to save hundreds of dollars a month on your current mortgage payment.

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Author: Alan Lake

Category: Obama Mortgage Plan

Comments

2 Responses to “Obama Refinance Plan – Making Home Affordable Today with Low Rates”

  1. Aaron
    November 9th, 2009 @ 8:57 pm

    Obama’s plan may seem like it is helpful, but there are many out there that think these sort of business practices will send America down the toilet.

    If you have an opinion about the state of America, positive or negative, e-mail your thoughts or stories to patrioticpost@gmail.com. It will be posted to the Patriotic Post (www.patrioticpost.com). Your opinion matters. Get it out there.

  2. Tom
    November 11th, 2009 @ 8:56 am

    Two Major Problems with Your Posting:

    1. The Obama refinance plan isn’t available to responsible homeowners who make their payments on time and aren’t in danger of foreclosure but could certainly use some extra savings.

    2. Homes aren’t appraising for enough to qualify for conventional mortgage programs.

    Don’t believe the propaganda. The program isn’t that great.

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