Subprime Blogger

Your Mortgage News Source

Obama Refinance Plan – Can You Modify Your Current Home Loan

Posted on | November 23, 2009 | No Comments

The Obama refinance plan was created to help homeowners avoid foreclosure and stay in their homes. To do this homeowners have the ability to refinance to a lower mortgage rate which in turn will cause their mortgage payment to go down. Another option is to modify your mortgage to a lower monthly mortgage payment which will help you to avoid missing payments.

With mortgage interest rates well below 5% now is one of the best times to refinance in history. Over the last few weeks the 30 year fixed mortgage rate has gotten very close to an all-time low. The all-time low for the 30 year fixed mortgage rate is 4.61% and we have seen this rate get to as low as 4.63% in November.

By refinancing to an extremely low mortgage interest rate you’re going to find your save hundreds of dollars a month on your mortgage payment. Please understand that if you have a bad credit score or do not have a lot of equity in your home is likely that you will not be able to refinance at this low rate. This does not mean that you should not at least researched what interest rate you would get by refinancing.

Another option of the Obama refinance plan is to modify your mortgage to a lower monthly mortgage payment. If most of your income is going to your mortgage payment and there’s a good chance that you could benefit by modifying to a lower monthly payment. The making home affordable plan allows you to do this and there’s a great amount of information on their website.

No matter what your situation, Pres. Obama wants you to stay in your home and avoid foreclosure. Foreclosure is good for no one and it is greatly hurt the economy and Americans as a whole. Please take the necessary steps to lower your monthly mortgage payment and stay in your home.

If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail.  The blog is an account of the journey to find peace of mind and happiness in today’s society.

Author: Heather Best

Category: Obama Mortgage Plan

Comments

Leave a Reply





    • Subprime Blogger is Digg proof thanks to caching by WP Super Cache!