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Obama Refinance Plan – Make Home Affordable in February 2010

admin — Wed, 27 Jan 2010 02:30:38 +0000

The Obama refinance plan was created to make home affordable for your family. If you are finding it difficult to make ends meet and pay for your monthly mortgage then you may want to consider doing some research on the Making Home Affordable plan. This plan will allow you to modify your home loan if you do not have the option to refinance to a lower mortgage rate.

Pres. Obama and his staff have worked very hard to make sure that mortgage rates stay low for an extended period of time. The Federal Reserve Bank is been purchasing mortgage-backed securities since March of 2009 and this has helped keep the 30 year fixed mortgage rate very close to 5%. When looking at a historical chart of mortgage interest rates you can see that this is very close to the all-time low.

With Pres. Obama working diligently great opportunities have been created to refinance your current home loan. If you have equity in your home and a credit score above 740 you are going to find it relatively easy to get a low refinance rate. If the opposite is true and you have a bad credit score and little equity in your home you may want to consider going through the home loan modification process.

Whichever process you decide it is very important to do your homework and find out what your options are. The Making Home Affordable website is very extensive and should give you all the information you could possibly need. It would be a wise decision to devote several hours to this website to find out how you can save.

Author: Jeremy North

Obama Refinance Plan – Low Mortgage Interest Rates in Early 2010

admin — Mon, 25 Jan 2010 02:30:04 +0000

The Obama refinance plan was created to allow homeowners to lock into low mortgage interest rates. In early 2010 we continue to see the 30 year fixed mortgage rate below 5%. When looking at a historical chart of mortgage rates you can clearly see that this is one of the lowest levels we have ever seen. In fact, the all-time low for the 30 year fixed mortgage rate was set in November of 2009 at 4.49%.

The most recent quote for the 30 year fixed mortgage rate is 4.82%. This is getting very close to the 2010 lows of 4.8%. It would be no surprise to see 30 year fixed rates drop to 2010 low in the coming weeks. Unfortunately, this might be the end of the low interest-rate environment we have seen for quite some time.

Many analysts have predicted that interest rates are likely to move up in the near future. A Morgan Stanley chief economist has stated that he feels mortgage rates are likely to move to 7.5 % or 8% in 2010. If this is the case, many homeowners will no longer look to refinance their home loans. There will likely be a swarm of applications when mortgage rates start to move up near the 6% level.

Pres. Obama and the Federal Reserve Bank have worked very hard to keep interest rates low for an extended period of time. At the end of March of 2010 the Federal Reserve Bank is going to stop purchasing mortgage-backed securities which is likely to push mortgage rates higher. Some analysts have predicted that mortgage rates will move up one full percentage point when this purchase program concludes.

If this is truly the case then you will want to make sure to get your refinance application in sooner rather than later. The longer you wait the more likely it is that interest rates are going to rise. Even though we could see a slight drop in mortgage rates in the near future it looks like by the spring of 2010 interest rates will be on the rise.

Author: Mike Garner

Obama Refinance Plan – Mortgage Interest Rates Under 5% in February?

admin — Fri, 22 Jan 2010 02:30:05 +0000

The Obama refinance plan was created to help homeowners to refinance to lower mortgage interest rates. At the present time there is an opportunity to refinance your mortgage rate under 5% in late January or early February. On January 20th, 2010 the conventional 30 year fixed rate mortgage is around 4.83%. This is getting very close to 2010 lows as the low for the year has been 4.8%.

The 10 year treasury rate yield has dropped significantly since the begining of the new year. In early January the 10 year yield reached as high as 3.85% but has moved to a new 2010 low of 3.65% today. The next level of support is around the 50 day moving average of 3.55%. With a drop to the 50 day moving average mortgage rates are likely to move below 4.75%.

The all time low for the 30 year fixed rate mortgage is 4.49% and this was quoted in late November of 2009. It is unlikely that we will see an all time low in the 30 year fixed mortgage but anything is possible with the Federal Reserve Bank still purchasing mortgage backed securities. This purchase program is set to conclude at the end of March 2010 and could push mortgage rates higher in the spring of 2010.

If you have a signifcant amount of equity in your home and you have a credit score above 740 then you could greatly save by refinancing. WIth the conventional 30 year fixed mortgage rate being under 5% you could save hundreds of dollars a month by refinancing in late January or early February. Even if you can’t get rates this low you could still benefit by refinancing today.

If you can save one full percentage point on your mortgage interest rate then you should consider refinancing while rates are still low. By saving one full percentage point you will not only cover refinance costs but you will also see a large amount of savings on your monthly mortgage payments.

Author: Alan Lake

Obama Refinance Plan – Low Mortgage Interest Rates Continue into February

admin — Wed, 20 Jan 2010 02:30:46 +0000

The Obama Refinance plan was created to help Americans lock into a low mortgage interest rate to save money on their current mortgage. Since President Obama took office mortgage interest rates have been extremely low and it looks as if they are going to remain low going into February. Many analysts have predicted that interest rates are going to increase in 2010 but it has yet to happen.

A Morgan Stanley chief economist predicted that mortgage rates are going to move as high as 7.5% to 8% on the 30 year fixed rate mortgage. He made this prediction because he feels that the 10 year treasury rate yield is going to move higher by as much as 40%. If this happens you can be rest assured that the 30 year fixed rate mortgage is going to go up in the very near future.

Recently we heard that the Boston Fed President thinks mortgage rates are likely to move up by the spring of 2010. At the end of March 2010 the Federal Reserve Bank plans to stop their mortgage backed securities purchase program which is likely to push mortgage rates higher. Most analysts feel that the conclusion of this purchase program will increase mortgage rates .5% to 1%.

Just last week the CEO fo JP Morgan Chase, Jamie Dimon, made comments that the big banks is starting to restructure based on higher interest rates in the near future. Jamie Dimon has often been tauted as the best “big banker” on Wall Street so when he talks most people listen. It will be interesting to see what business model JP Morgan Chase uses for these higher interest rates.

With so many analysts and men of power predicting higher mortgage interest rates in the near future it might be a good idea to lock into a low mortgage rate sooner rather than later. If you continue to wait you could see mortgage rates closer to 6% than the 5% levels we are seeing in late January.

Author: Mike Garner

Obama Refinance Plan – Lower Mortgage Rates in February 2010?

admin — Mon, 18 Jan 2010 02:30:10 +0000

The Obama refinance plan was created to help all homeowners gain access to historically low mortgage interest rates. If you are looking to get a low mortgage rate in February 2010 then there should be many opportunities. Many analysts have predicted that interest rates are going to move higher in 2010 but no one has a strong idea of when rates will start to move up.

The Federal Reserve Bank has been purchasing mortgage backed securities for quite some time which has helped to keep mortgage interest rates low. At the end of March the Fed is going to stop buying mortgage backed securities which is likely going to push mortgage rates higher. Bill Gross of PIMCO feels that rates will move up .5% to 1% when the purchase program concludes.

If we see a move up of one full percentage point then the 30 year fixed mortgage rate will be very close to 6%. Many homeowners will be deterred from refinancing if mortgage rates move all the way up to 6%. The psychological level of 5% has encourage many homeowners to submit their refinance applications but if rates shoot up quickly there might be a level off or strong decline in these applications.

If you have been considering a mortgage refinance then it might be a wise decision to get started sooner rather than later. If you continue to wait to submit your mortgage application you might be leaving money on the table as interest rates could move up. If you can refinance under 5% it would be smart to get this process completed as soon as possible before the Fed concludes its mortgage backed securities purchase program.

Any major financial decision should take some serious thought. Before you jump in head first to the refinance process it is important to step back and look at your current financial situation. If you have had difficulties making bill payments in the recent past then it might smart to address that need before going through a mortgage refinance.

Author: Alan Lake

Obama Refinance Plan – Save with Lower Interest Refinance Rates in January

admin — Fri, 15 Jan 2010 02:30:34 +0000

The Obama refinance plan was created to help you save with lower refinance interest rates. If you are looking to refinance in January there are several opportunities available. Many mortgage lenders are currently advertising the 30 year fixed mortgage interest rate below 5%. If you are looking to refinance to a fixed rate then you might want to do your research today.

Pres. Obama and his staff have worked very hard to keep interest rates low for an extended period of time. Along with the Federal Reserve Bank, Pres. Obama and his staff continue to take the necessary steps to allow homeowners to refinance to low mortgage interest rates. Make sure to take advantage of this opportunity as it is not likely to last much longer.

At the end of March of 2010 the Federal Reserve Bank is going to stop purchasing mortgage-backed securities. One of the main reasons we have seen interest rates low for an extended period of time is the purchase program that the Fed has taken part in. When this program stops you can be assured that mortgage rates will likely raise .5% to 1%.

You do not want to be sitting on the sidelines while mortgage rates are starting to move up. If you continue to wait to submit your refinance application you could watch mortgage rates move all the way up to 6% before you know it. Some analysts have actually predicted that mortgage rates are going to move as high as 7.5% or 8%.

Pres. Obama is going to continue to analyze the current economy and decide what is best for the common people. At the present time the economy looks like it is recovering and if this is the case then you can be rest assured that interest rates will rise in the near future. This means that you should probably take action on getting a refinance today.

Author: Heather Best

Obama Refinance Plan – Refinance Loan Under 5% Interest Rate

admin — Wed, 13 Jan 2010 02:30:41 +0000

The Obama refinance plan was created to allow homeowners to have access to low interest rates. At the present time there is a great opportunity to get a refinance loan under a 5% interest rate. If you have been looking to refinance over the last several months now might be one of the best times ever. It might be a good idea to take action sooner rather than later.

There are many mortgage lenders who are currently advertising mortgage rates well below 5%. You may want to take advantage of this opportunity and call these lenders today. You will not get a 100% accurate rate quote until you go to the mortgage refinance application process but you will be able to better determine what mortgage lender will work best with you.

At the present time we are currently in one of the lowest interest rate environments we have ever been in in the United States. Never before have we seen mortgage interest rates below 5% for such an extended period of time. Unfortunately, many analysts and even a Fed Pres. has predicted that mortgage rates are likely to rise in the spring of 2010.

If you continue to sit on the sidelines and hope that mortgage rates will go lower you might be missing out on one of the best opportunities of your lifetime. Most homeowners would love to have the ability to refinance their current home loan under 5%; you may have that ability today. It is important to understand that you must have equity in your home and a very good credit score to get a refinance rate this low.

With any major financial decision in your life it is extremely important step back and look at the overall picture. If you do not have a significant amount of equity in your home and your credit score has dropped over the last six months then going through the mortgage refinance process might not be right for you.

Author: Jeremy North

Obama Refinance Plan – Federal Reserve Bank Keeps Mortgage Rates Low

admin — Mon, 11 Jan 2010 02:30:52 +0000

President Obama and his staff have worked very hard to keep mortgage rates low. The Obama refinance plan was created to help all homeowners to have the ability to refinance their mortgage to a lower interest rate. The Federal Reserve Bank has greatly helped to keep mortgage rates low by buying mortgage backed securities and US Treasuries. The Fed has stopped their treasury purchases but continues to buy mortgage backed securities.

At the end of March 2010 the Federal Reserve Bank plans to conclude their mortgage backed securities purchase program. At this point, many analysts have predicted that mortgage interest rates are likely to move up at least one full percentage point. No one knows if this will already be baked in at the time but there is a good chance that we could see some type of move higher in mortgage rates before then.

At the present time the 30 year fixed mortgage rate is around 5%. With a 1% move higher we are going to see rate above 6% which makes it much less attractive for homeowners to refinance. If might be a good idea to complete your mortgage refinance application sooner rather than later so you will have the opportunity to take advantage of the current low interest rate environment.

There are still many mortgage lenders that are advertising low mortgage rates so it should not be difficult to find a lender to help you with the application process. Make sure to find a lender that works will for your needs and will offer you an attractive interest rate. It is important to note that having a significant amount of equity in your home will go a long way towards getting a low refinance rate.

Author: Jeremy North

Obama Refinance Plan – Extended Periods of Low Mortgage Rates

admin — Fri, 08 Jan 2010 02:30:15 +0000

The Obama refinance plan was created to offer low mortgage rates for extended periods of time. President Obama realized that one of the only ways that the housing market would recover is if there were low interest rates for all to take advantage of. By working with Federal Reserve Bank chairman Ben Bernanke our president has created a low interest-rate environment.

With mortgage interest rates well below 5% now is a very good time to consider refinancing your current home loan or locking into a low mortgage rate. No one knows how long this low interest-rate environment will last but many analysts have said that by the end of 2010 we will no longer see low interest rates. You do not want to let this once-in-a-lifetime opportunity pass you by.

You must understand that the advertised interest rates that you are seeing on television and the Internet are for well-qualified Americans. If you have a very good credit score and equity in your home you are going to find the ability to have access to low interest rates. If the opposite is true and you have little equity in your home in a very bad credit score then you are going to find it difficult to get low interest rates.

Even if you do not have a great credit score it does not mean that you will not benefit from the home refinance process. If you stand to save one full percentage point on your mortgage then it would be worth it to go to the refinance process. If you cannot save one full percentage point then the refinance costs will probably outweigh the overall savings.

With any major financial decision in your life it is extremely important step back and discuss it with your family and loved ones. You do not want to jump head first into the refinance process without telling your husband or wife. Your personal finances are something that greatly affect all of your relationships.

Author: Mike Garner

Obama Refinance Plan – Avoid Foreclosure and Save Money at the Same Time

admin — Wed, 06 Jan 2010 02:30:20 +0000

The Obama refinance plan was created to help you save money by refinancing to a lower mortgage interest rate. If you are currently finding it very difficult to make your mortgage payments and you are feeling like foreclosure is in your future then you may want to consider refinancing as soon as possible. Refinancing can greatly save you money if you can lower your monthly mortgage payment by at least one full percentage point.

Not every homeowner is going to have the ability to refinance in the current economic environment. If you are under water in your home and have a very bad credit score then you are going to find it extremely difficult to get a low refinance rate. Most mortgage lenders are not willing to allow you to refinance because of your financial situation.

If you have a good credit score, above 740, and you have a significant amount of equity in your home you will greatly benefit by refinancing today. President Obama and his staff have worked very hard to keep mortgage interest rates low and you should take advantage of this. At the present time the 30 year fixed mortgage rate is right at 5%.

If you look at historical chart of mortgage rates you’ll see that 5% is very close to an all-time low. In fact, the 30 year fixed mortgage rate hit an all-time low at the end of November as it was quoted around 4.49%. Even though you cannot currently get an all-time low mortgage rate it is still a very good time to consider going to the mortgage refinance process.

There are many mortgage lenders out there who are more than willing to help you with the refinance application process. Many financial institutions are advertising very hard at the beginning of the year so it should not be difficult to find a mortgage lender that is willing to work hard for your business.

Author: Mike Garner