Government Mortgage Refinance Plan – Obama Keeping Rates Low
Posted on | October 25, 2009 | No Comments
The government mortgage refinance plan was created to help all home owners have access to low mortgage interest rates. President Obama and his administration recently announced a new mortgage plan that was aimed to help low to middle income families buy or rent a home. One of biggest parts of the plan is to keep mortgage rates close to all time lows.
For quite some time now, since March 2009, the Federal Reserve Bank has been taking actions to keep mortgage rates low. They have made the Fed Funds Rate basically zero and they have bought up US Treasuries and Mortgage Backed Securities. While the Fed is not truly the government they do take actions to help the government keep mortgage and interest rates in check.
If you are a home owner who is currently struggling with your mortgage payment you are the perfect candidate to benefit from the government mortgage refinance plan. If you can lower your current mortgage rate by one full percentage point by refinancing then it would be very smart to go through the home refinance process now before mortgage rates go back up.
By lowering your current mortgage rate you could end up saving hundreds of dollars a month on your mortgage payment. This money can go towards other bills and can ultimately help you get out of debt much quicker. With mortgage interest rates near all time lows there is a good chance that your refinance will save you enough money to actually get ahead on your finances if you take the correct steps.
Now is one of the best times in history to refinance because mortgage rates are low and the president has taken the necessary steps to urge lenders to help you with your mortgage payments. It would be wise to take advantage of this unprecedented time and refinance to a lower mortgage rate; possibly a much lower mortgage rate than what you currently have.
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.
Author: Jeremy North
Comments
Leave a Reply