Obama Refinance Plan – Make Home Affordable in February 2010
Posted on | January 26, 2010 | No Comments
The Obama refinance plan was created to make home affordable for your family. If you are finding it difficult to make ends meet and pay for your monthly mortgage then you may want to consider doing some research on the Making Home Affordable plan. This plan will allow you to modify your home loan if you do not have the option to refinance to a lower mortgage rate.
Pres. Obama and his staff have worked very hard to make sure that mortgage rates stay low for an extended period of time. The Federal Reserve Bank is been purchasing mortgage-backed securities since March of 2009 and this has helped keep the 30 year fixed mortgage rate very close to 5%. When looking at a historical chart of mortgage interest rates you can see that this is very close to the all-time low.
With Pres. Obama working diligently great opportunities have been created to refinance your current home loan. If you have equity in your home and a credit score above 740 you are going to find it relatively easy to get a low refinance rate. If the opposite is true and you have a bad credit score and little equity in your home you may want to consider going through the home loan modification process.
Whichever process you decide it is very important to do your homework and find out what your options are. The Making Home Affordable website is very extensive and should give you all the information you could possibly need. It would be a wise decision to devote several hours to this website to find out how you can save.
Author: Jeremy North
Comments
Leave a Reply