Government Mortgage Refinance Plan – Obama Helping You Pay Your Mortgage?
Posted on | November 6, 2009 | No Comments
The government mortgage refinance plan was created to help you lower your monthly mortgage payment so you could stay in your home and avoid foreclosure. If you are in a very tough position where foreclosure is a strong possibility then you might want to check out the Making Home Affordable website and see if there are any options for you.
The Making Home Affordable plan is quite extensive and has held many struggling home owners. There are many parts of the plan that may work for you. Make sure to devote quite a bit of time to your research on the website because there is a great deal of information. If you are finding that the information is too “financially” heavy for you to understand then you can call a HUD representative for free.
Please understand that these HUD representatives are very busy at the present time so it make take you a few days to actually speak to someone in person. Do not let this discourage you; by continuing to do your research on the Making Home Affordable website you might find that you answer your own questions.
Current mortgage interest rates have been under 5% for quite some time but there is a chance that this will not last. Since the beginning of September we have seem the 30 year fixed rate mortgage under 5% and it has allowed many home owners to save by refinancing. The Federal Reserve Bank recently announced that they are going to stop buying US Treasuries which is likely to move mortgage rates higher.
No one knows for sure how high mortgage rates will go but it looks as if there is a strong possibility that mortgage rates will be around 5.5% before the end of 2009. With this in mind you might want to attack the home refinance sooner rather than later. If you wait a few months you might find that mortgage rates are closer to 6% than 5%.
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Author: Mike Garner
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