Mortgage refinancing is possible for nearly any homeowner by using President Obama's "Making Home Affordable" plan. This plan allows millions of homeowners the chance at getting an affordable monthly home loan. A lot of homeowners can use this plan to improve their finances, or save their home. Here is what you should know about this plan:
- Mortgages can be refinanced if they are worth more than the homes market value. Now with Obama's stimulus plan, a homeowner can owe up to 5% more than the home is worth, and still get approved for refinancing. Before this plan was enacted, a homeowner typically needed 20% equity, or the cash equivalent.
- Home loans from Fannie Mae or Freddie Mac are eligible for modification. This is an automatic qualification for millions of homeowners who use these 2 lending giants. This modification will bring the payments every month to 31% or lower than a homeowners gross monthly income.
- Many homes have dropped in value. This stimulus plan will allow an easy refinancing option for homeowners who have seen their home drop by 15% or more. Many homes have lost value as a result of the hurting housing market. This plan will help.
- Homeowners who purchased a home a few years ago, probably got into an ARM (Adjusted rate mortgage) loan. Now, homeowners can easily get into a fixed rate mortgage, which is more stable. This loan is a mortgage which will never raise in price every month.
- Mortgage lenders and banks get money from the Government every time they allow a struggling homeowner the chance to refinance. This means that it is in their best interest to get homeowners into affordable loans. Many rules and restrictions have been eased to allow more homeowners the chance to qualify for refinancing approval.
Mortgage refinancing can be the answer to many homeowners problems. Right now is a golden opportunity for many homeowners to get a better mortgage, save money, or save their home from being lost. Take advantage of this plan for yourself.
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