Obama Refinance Plan – Avoid Foreclosure and Save Money at the Same Time
Posted on | January 5, 2010 | 1 Comment
The Obama refinance plan was created to help you save money by refinancing to a lower mortgage interest rate. If you are currently finding it very difficult to make your mortgage payments and you are feeling like foreclosure is in your future then you may want to consider refinancing as soon as possible. Refinancing can greatly save you money if you can lower your monthly mortgage payment by at least one full percentage point.
Not every homeowner is going to have the ability to refinance in the current economic environment. If you are under water in your home and have a very bad credit score then you are going to find it extremely difficult to get a low refinance rate. Most mortgage lenders are not willing to allow you to refinance because of your financial situation.
If you have a good credit score, above 740, and you have a significant amount of equity in your home you will greatly benefit by refinancing today. President Obama and his staff have worked very hard to keep mortgage interest rates low and you should take advantage of this. At the present time the 30 year fixed mortgage rate is right at 5%.
If you look at historical chart of mortgage rates you’ll see that 5% is very close to an all-time low. In fact, the 30 year fixed mortgage rate hit an all-time low at the end of November as it was quoted around 4.49%. Even though you cannot currently get an all-time low mortgage rate it is still a very good time to consider going to the mortgage refinance process.
There are many mortgage lenders out there who are more than willing to help you with the refinance application process. Many financial institutions are advertising very hard at the beginning of the year so it should not be difficult to find a mortgage lender that is willing to work hard for your business.
Author: Mike Garner
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January 5th, 2010 @ 10:34 pm
I need help don’t know where to go? Morg. W/ wells Fargo & I tried refinacing 1st through one of the Obama refi programs due 2 appraisal denied me. In an underwater mtg. So they claim. Their is 2 much info. 2 type 2 explain. Bottom line I need an expert who I can talk 2 who can point me in the right direction on refiancing . Current rate 6.125 outstanding mtg $306,000 30 fixed conventional.