Many Americans are facing the tough financial time. The stressed economy and bad housing market have left homeowners feeling helpless, and hardly able to make their monthly home loan payments. Homeowners now have some hope though with President Obamas Home Affordability Plan. This mortgage stimulus plan helps homeowners refinance or modify their mortgage into a fixed 4% interest rate.
Many of homeowners and home buyers now have confidence in their most valuable asset and their home by getting help with Obamas mortgage stimulus plan. This home refinancing stimulus plan was enacted in early march and since then many homeowners getting advantage and saved millions of dollars. The main goal of this stimulus plan is to permit the homeowners who were denied a mortgage refinance due to bad or poor credit.
The entire package programs for mortgage refinance as well as loan modification.
Here are some points to know about the new refinance mortgage package.
You can qualify for home mortgage refinance, if you have a Fannie Mae-insured or owned loan. The main purpose of this program is to provide you with a boost to your home equity if you owe more on your loan than the home is now worth.
The home that is to be refinanced must be the primary residence of the homeowner. Investment and second properties are not covered under this plan.
Those homeowners who are facing a foreclosure problem on their mortgage may refinance into a fixed mortgage refinance rates.
This Obamas plan is somewhat broad to eligible for this refinancing plan. So many homeowners are qualifying for either a mortgage refinance which will save their monthly mortgage payments. By saving this money you can use for debts payments and other home expenses. Spend your time to analyze on potential mortgage lenders and apply for some quotes. Choose the best quotes which can solve your financial problems. Home Mortgage Refinancing can be a nice move if it is done in a right way. Patience and research are the best ways to ensure the best mortgage refinance possible.
Need to know about the loan modification Package:
- Your lender receives an incentive of $1,000 from the government for successfully modifying your existing mortgage loan. By opting to modify the terms of your loan through a reduced or fixed interest rate, your monthly payment is lowered, with late fees waived.
