Refinance Home Loan Rates – Federal Government Plan to Help Mortgage Holders
Posted on | March 29, 2010 | No Comments
If you have struggled to make your monthly mortgage payment over the last few months then you could be in luck. The Federal Government has created a plan to help mortgage holders. The Making Home Affordable plan has been expanded and is expected to help many more homeowners pay their mortgage.
At the present time refinance home loan rates are very low but unfortunately not all Americans can lock in to these low rates. If you do not have equity in your home and a very good credit score then it is going to be nearly impossible to refinance.
To get a low refinance rate you will need a significant amount of home equity and a credit score above 740. By not having these requirements there is a very good chance that many mortgage lenders will turn you down. With this being the case you may need to go through home loan modification.
The Federal Government has worked very hard to help homeowners stay in their home and avoid foreclosure. Just last Friday they announced an expansion of the making home affordable program to help those who are unemployed and cannot make their monthly mortgage payment.
Author: Jeremy North
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