Obama Refinance Plan – 15 Year Fixed Mortgage Rates Offer a Low Refinance Rate
Posted on | November 11, 2009 | 1 Comment
The Obama refinance plan was created to allow homeowners to refinance at a lower mortgage rate. With 15 year fixed mortgage rates very low at the current time it might be a good idea to try to refinance at this time. The 15 year fixed mortgage rate is currently at 4.25% which is extremely low and will greatly help you reduce your monthly mortgage costs.
If you decide to get a 15 year mortgage rate please understand that your monthly mortgage payment will increase because you are make in many fewer months of payments. Overall if you do decide to do a 15 year mortgage rate you will end up paying much less in interest because you are paying basically half the amount of years on your mortgage.
Do not take on this challenge if you are finding it difficult to make your current monthly mortgage payment. It is much better to refinance a 30 year fixed mortgage rate to an affordable monthly mortgage payment than to refinance it to a 15 year mortgage rate that is much higher in monthly mortgage payments.
Even though you’re going to pay much less in interest over time with a 15 year mortgage you are going to end up paying a much higher monthly mortgage payment right now. With the economy very troubling it is hard to take on this risk if you do not have a strong financial position. Ultimately it is your decision but please understand that a higher monthly mortgage payment can make your life more stressful.
There are many mortgage lenders out there who are advertising extremely low mortgage rates for both the 15 year fixed and 30 year fixed mortgage rates. Make sure to contact these lenders and see what mortgage rate you will qualify for. You never know you may qualify for a mortgage rate is much lower than you ever expected.
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Author: Jesse Wojdylo
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One Response to “Obama Refinance Plan – 15 Year Fixed Mortgage Rates Offer a Low Refinance Rate”
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November 22nd, 2009 @ 9:14 pm
It is a dilemma for most people. Most would want to pay less overall. But because of credit woes and the current recession, many are also forced to pay more overall if it means a more affordable monthly payment.