Government Mortgage Refinance Plan – Save You Home with Obama’s Help

The government mortgage refinance plan was created to help you avoid foreclosure and save your home. President Obama and his staff work diligently almost everyday to make sure that they can keep mortgage interest rates near extreme low levels. Even though mortgage rates have moved up over the last few weeks they are still very close to all-time lows.


The 30 year fixed mortgage rate is currently around 4.85% which is a very attractive rate to most homeowners. If you have not refinanced your home in the last year then there is a very good chance that you could refinance to a lower mortgage interest rate in 2010. President Obama has a goal to help many people stay in their homes and refinancing is a way in which you can do this.

If you can save one full percentage point on your current home loan rate then it would benefit you to refinance today. If you can not save one full percentage point you are going to find it costly to go through this process which includes refinance costs. These refinance costs could outweigh the benefits of getting a refinanced mortgage today.

There many mortgage calculators online that can help you with this process so you might want to check them out. By simply inputting the numbers that you will qualify for you can greatly determine if it will be worth it for you to refinance or not. Most people agree that if you can save one full percentage point then it will be worth it to go through the home loan refinance process.

Do not let this opportunity pass you by as you never know when mortgage interest rates might move higher. Over the last few weeks we have seen mortgage rates move from 4.5% all the way up to 4.85%. If you continue to wait longer you might find that mortgage interest rates are closer to 5.5% than they are 5%. Take Pres. Obama’s advice and do everything you can to save your home and look into refinancing today.

Author: Alan Lake