Obama Refinance Plan – Extended Periods of Low Mortgage Rates
Posted on | January 7, 2010 | 1 Comment
The Obama refinance plan was created to offer low mortgage rates for extended periods of time. President Obama realized that one of the only ways that the housing market would recover is if there were low interest rates for all to take advantage of. By working with Federal Reserve Bank chairman Ben Bernanke our president has created a low interest-rate environment.
With mortgage interest rates well below 5% now is a very good time to consider refinancing your current home loan or locking into a low mortgage rate. No one knows how long this low interest-rate environment will last but many analysts have said that by the end of 2010 we will no longer see low interest rates. You do not want to let this once-in-a-lifetime opportunity pass you by.
You must understand that the advertised interest rates that you are seeing on television and the Internet are for well-qualified Americans. If you have a very good credit score and equity in your home you are going to find the ability to have access to low interest rates. If the opposite is true and you have little equity in your home in a very bad credit score then you are going to find it difficult to get low interest rates.
Even if you do not have a great credit score it does not mean that you will not benefit from the home refinance process. If you stand to save one full percentage point on your mortgage then it would be worth it to go to the refinance process. If you cannot save one full percentage point then the refinance costs will probably outweigh the overall savings.
With any major financial decision in your life it is extremely important step back and discuss it with your family and loved ones. You do not want to jump head first into the refinance process without telling your husband or wife. Your personal finances are something that greatly affect all of your relationships.
Author: Mike Garner
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January 7th, 2010 @ 11:00 pm
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