Government Mortgage Refinance Plan – Lock in Low Interest Rates in February
Posted on | February 17, 2010 | No Comments
The government mortgage refinance plan was created to help all homeowners refinance to a lower mortgage interest rate which in turn would lower their monthly mortgage payments. With this in mind it would be a good idea to lock in to low interest rates in February. There are many mortgage lenders who will be more than willing to help you get a low rate.
The government has worked very hard to make sure that most American homeowners have the ability to access lower interest rates. During the credit crisis there was very little lending going on and the government realized that this would hurt the overall economy. President Obama and his staff urged mortgage lenders to start lending money again.
Since this time we have seen lending increased while mortgage rates continue to stay low. The 30 year fixed mortgage rate has been between 4.7% and 5% for the entire year of 2010. When looking at a historical chart of mortgage rates you can clearly see that these levels are extremely low.
It would be wise to take the time and effort to do your research on refinancing your current home loan. If you can save one full percentage point on your mortgage rate you could see significant savings over the next several years. Some homeowners are saving hundreds of dollars a month.
Author: Jeremy North
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