Government Mortgage Refinance Plan – Can Obama Help With Your Mortgage?
Posted on | October 5, 2009 | No Comments
The government mortgage refinance plan that was created to help you avoid foreclosure has helped many people stay in their homes. The question everyone wants to know is “Can Obama help me with my mortgage?” In more words or less, most people can get some assistance with their mortgage if they look hard enough and have been financial smart with their money.
Unfortunately most people have not been financially smart throughout the recession. Instead of cutting expenses and downsizing Americans continue to buy on credit and build debt that will be very difficult to pay off. If you have been this type of borrower over the last few years then it is much less likely that you will find the ability to lower your mortgage rate.
If you have been smart with your money and have done everything in your power to save and avoid debt, there are many companies out there that will help you refinance to a lower mortgage interest rate. If your credit score has been stable or increased throughout the recession, unlike most borrowers, you will find that lenders are much more willing to qualify you for a low mortgage rate.
There are many companies that are advertising low mortgage rates, some even well below 5%. You may not have the financial report card to get a mortgage rate this low but you will never know until you go through the mortgage application process. It would be a wise decision to make sure you know your credit score before you go through this lengthy process. If your credit score is below 650 and has been decreasing, it is not likely you are going to get a very low interest rate.
President Obama and his staff have worked very hard to keep mortgage interest rate near all time low levels. It is your responsibility to do the necessary research on how to refinance to a lower mortgage rate. The Making Home Affordable website is a great resource and will assist you through the process and to top it all off all the information that is provided is absolutely free.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below. We offer information on everything from getting a lower mortgage rate to increasing your credit score.
Author: Mike Garner
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