Government Mortgage Refinance Plan – Obama Keeps Mortgage Rates Low
Posted on | October 23, 2009 | 1 Comment
The government mortgage refinance plan was created to help home owners who were struggling to refinance their home at lower mortgage rates. President Obama continues to do what it takes to keep mortgage rates low. Just this week he released another plan that would help low to middle income families to buy or rent a home. The new mortgage plan also aims to continue to keep mortgage rates low.
Every time mortgage rates start to tick up and move back towards the 5.5% level there is an announcement by the Federal Reserve Bank or President Obama himself that they are going to take the necessary steps to keep mortgage rates low. By creating artificially low mortgage rates we are sure to face problems in the future but in the meantime you should take advantage of this opportunity.
If you stand to save a full percentage point on your mortgage by going through the refinance process then it would be wise to do this. If you are going to save less than a full percentage point then you are going to find that the costs of the refinance are probably going to be more than the savings you would have by having a lower mortgage rate.
There are many lenders out there that are advertising extremely low mortgage rates. One company that is advertising very hard is Bank of America. Every search you do for a mortgage related keyword Bank of America is all over the place. There is very little doubt that they are trying to gain exposure to their home loan division. Anyone who uses the Internet is going to be hard pressed to not see Bank of America’s marketing of its home loan department.
With that being said, it would be wise to contact some of these lenders that are advertising low mortgage rates. Even if you are not going to go through the mortgage application process at least you can get an idea of some of the things to expect when you do go though the process. You are not going to get all the answer you want but you will at least get some.
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Author: Jeremy North
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One Response to “Government Mortgage Refinance Plan – Obama Keeps Mortgage Rates Low”
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October 26th, 2009 @ 3:23 pm
I’m interested in lowering my Mortgage rates but the bank I’m with is saying that they are not the Original bank that gived the loan so they decline the loan modification. I was with Homebank and they went out of business and now I’m with Chase bank. Is there any help for me.