Government Mortgage Refinance Plan – Can Obama Help You?
Posted on | August 22, 2009 | 3 Comments
The government mortgage refinance plan was created to help all American homeowners gain access to the historically low mortgage rates we are seeing right now. Average mortgage rates have been about 5% for quite awhile but before March of 2009 lenders and financial institutions were hoarding their money and not let borrowers have access to the low interest rates. That all changed when President Obama introduced the Making Home Affordable Refinance Plan.
The plan creates incentives for lending institutions to actually lend money. Prior to March of 2009 there was no real reason that lenders actually had to lend money to any borrowers. No one really knows what these incentives are but they are definitely working because many people are now getting the opportunity to refinance under 5%. You may not understand all the ins and outs of this plan but just know that it is designed to help you.
If you have been thinking about refinancing, now might be one of the best times in history. Daily mortgage rates are around 5% and mortgage lenders are actually willing to work with you to strike up a deal. To top it all off, most mortgage companies have been struggling over the last few years so they are going to do whatever it takes to get you as a customer. Some lenders may even offer you a lower interest rate.
It would be advisable to contact a few of these lenders and see what they can offer you. If you only contact one and accept their rate, you will never know what you could have gotten. It might also be smart to use each companies offer against another. If one lender is offering you a 4.8% rate while another is offering 4.7% then make sure the first company knows this and they might adjust what they offer you just to get you in as a customer.
Overall, the government mortgage refinance plan has been a great help to American home owners. It would be smart to take advantage of this time as it may never come around again. With mortgage rates around 5% and mortgage lenders actually lending money, not might be the time to get that mortgage application in and go for a low rate refinance.
Author: Heather Best
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September 8th, 2009 @ 9:56 am
[...] Blogger offers information on the current government mortgage refinance plan. There is also a great deal of information on how to get an instant payday [...]
September 20th, 2010 @ 5:41 am
[...] Blogger offers information on the current government mortgage refinance plan. There is also a great deal of information on how to get an instant payday [...]
November 3rd, 2010 @ 3:34 am
[...] Blogger offers information on the current government mortgage refinance plan. There is also a great deal of information on how to get an instant payday [...]