Obama Refinance Plan – Making Home Affordable in 2010
Posted: December 20th, 2009 | Author: admin | Filed under: Obama Mortgage Plan | 2 Comments »The Obama refinance plan was created to help people avoid foreclosure and stay in their homes. The Making Home Affordable plan started in February of 2009 is expected to continue throughout 2010. If you are having trouble making your home mortgage loan payments then the Making Home Affordable plan might help you. One of the objectives of the Making Home Affordable plan is to keep mortgage interest rates very low.
At the present time the 30 year fixed mortgage rate is around 4.75% which is an extremely low level. If you have equity in your home and a good credit score then there is a very good chance that you could refinance below 5% today. It would be a good idea to contact your lender and go through the refinance application process just to see what home loan rate you do qualify for.
The only way you will get a 100% accurate rate quote is to go through the refinance application process. There are many places on the Internet that can give you an estimate of your rate quote but they will not be 100% accurate as every situation is unique. By contacting your lender you will get a better idea of where you stand financially and what your options are.
There are many mortgage lenders that are currently advertising interest rates well below 5% but please understand that these rates are not accessible to you if you do not have equity in your home and a credit score of 740 or above. Many homeowners have seen their credit score greatly drop over the last few years because of the current credit crisis. By missing any bill payments in the last two years you are likely to see your credit score dropped greatly.
Before going to the home refinance process it would be a good idea to buy a credit report and see what your credit score is. It is well worth the $20 you are going to pay for your credit report to know just where you stand before going through this process. Do not go into the mortgage refinance process blind but having no idea what your credit score is.
Author: Mike Garner
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[...] Obama Refinance Plan – Making Home Affordable in 2010 The Obama refinance plan was created to help people avoid foreclosure and stay in their homes. The Making Home Affordable plan started in February of 2009 is expected to continue throughout 2010. If you are having trouble making your home mortgage loan payments then the Making Home Affordable plan might help you. One of the objectives of the Making Home Affordable plan is to keep mortgage interest rates very low. [...]