Government Mortgage Refinance Plan – Obama Talks to Bank CEOs
Posted on | December 14, 2009 | No Comments
The government mortgage refinance plan was created to help homeowners refinance their current home loan to a lower interest rate. On Monday, December 14, Pres. Obama will be speaking to bank CEOs and urging these banks to continue to lend money to borrowers. President Obama and his staff have worked very hard to keep interest rates low now it is time for borrowers to be able to take advantage of these low mortgage interest rates.
It will be very interesting to see what Pres. Obama has to say to the CEOs as they have continued to produce profits yet Americans are struggling financially especially when it comes to foreclosures. If you are in a bubble area as far as the housing market you know just how bad it has gotten when it comes to the amount of foreclosures.
There’s a good chance the president Obama is going to continue to urge these banks to lend money to all borrowers. If you have a high home loan rate and there’s a good chance that you should be able to refinance at a much lower rate which could save you hundreds of dollars a month. By saving just one full percentage point on your mortgage rate you could save a great deal of money in 2010.
At the present time the conventional 30 year fixed mortgage rate is around 4.65%. This is extremely low when looking at historical mortgage rates. Now is one of the best times in the history of the United States to refinance and get that low interest rate you desire. Please understand that if you have bad credit and little equity in your home you will not get a refinance rate this low.
Just because you will not get a refinance rate under 5% does not mean that you cannot benefit from refinancing today. As stated earlier, if you can save a full percentage point on your current home loan rate than there’s a good chance that you will save a great amount of money in the future.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jeremy North
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