Mortgage Assistance – Can Obama Help You Refinance to a Lower Rate?
Posted on | September 27, 2009 | No Comments
Receiving mortgage assistance is something many home owners want during the current recession. Many home owners want to know if President Obama can help them refinance. It is very possible that the program that was created by President Obama and his staff, Making Home Affordable, could help you refinance to a lower mortgage interest rate. With mortgage rates near all time lows, this could save you hundreds of dollars a month on your mortgage payment.
The Making Home Affordable Program was created to help home owners stay in their homes and avoid foreclosures and short sales. That amount of foreclosures has increased every month since the top of the housing market in July of 2006. President Obama knew this was going to cause the economy to continue to struggle so he signed the Making Home Affordable plan as soon as possible.
The plan is designed to help home owners to lower their monthly mortgage payment so they can stay in their homes. They can do this by refinancing at lower mortgage rates or they can go through the home loan modification process. Either of these two options should help most home owners to stay in their homes and make their monthly mortgage payments in full.
If you have been thinking about going through the home refinance process now is as good of a time as ever. Mortgage interest rates are below 5% and mortgage lenders are receiving incentives to actually lend money. Prior to the Making Home Affordable plan many mortgage lenders and banks were hoarding their money as they feared borrowers would default on their loans. Part of President Obama’s plan is to give incentives to lenders to almost force them to lend money.
There is absolutely no reason that you cannot refinance your home or get a home loan modification to lower your monthly mortgage payments. There is a ton of information out there and it is your responsibility to find this information and put it to use. One of the best resources is the Making Home Affordable website as it is very extensive and will tell you pretty much everything you need to know to save your home.
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Author: Mike Garner
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