Obama Refinance Plan – Save Money by Refinancing to a Lower Mortgage Rate
Posted on | November 30, 2009 | 1 Comment
The Obama refinance plan was created to help homeowners save money by refinancing to a lower mortgage rate. If homeowners to do this it was expected that they would be much more likely to make the mortgage payments and avoid foreclosure. The amount of foreclosures in the United States is drastically risen and this is greatly hurt the economy.
If you have been in the tough financial situation of trying to go to the fore closure process you know just how bad this can be on you and your family. Pres. Obama realizes this and he wants to do everything he can to help Americans avoid this horrible situation.
There are few options when it comes to lowering your mortgage interest rate or your mortgage payment. The easiest way to lower your mortgage payment is to refinance to a much lower mortgage interest rate. Mortgage interest rates are currently averaging about 4.65% for the 30 year fixed rate mortgage. This is very close to an all-time low and there’s a strong possibility that we will see all-time lows next week or in December or January.
The Federal Reserve Bank has done everything in their power to make sure mortgage interest rates stay very low. They have been buying back mortgage-backed securities for quite some time and this has helped to push mortgage rates to near all-time lows. There is no reason you should not take advantage of this opportunity and refinance to a low interest rate.
If you do not have the opportunity to refinance to a low rate you can also get your home loan modified. The home loan modification process has been very difficult for homeowners but it is slowly turning the corner and many homes are getting into trial modifications. You may have the opportunity to do this so please contact your lender and find out if this is available for you.
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: Alan Lake
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One Response to “Obama Refinance Plan – Save Money by Refinancing to a Lower Mortgage Rate”
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November 30th, 2009 @ 4:43 pm
Great article! If you owe more than the home is worth, check with your mortgage servicer. You want to see if you are eligible under the Home Affordable Refinance Program (HARP).