Are you one of the millions of homeowners looking to get a more affordable monthly home loan payment? Did you know there are new Government stimulus programs which help homeowners get a better mortgage? Well there is, and taking advantage of them will save you a lot of money.
-Mortgage interest rates right now are near all time lows. These interest rates are generally almost half of what an average homeowners current interest rates are. If a homeowner can save just 1% or more on their interest rates, they should be able to see some good savings, every month.
-Recently, President Obama announced the "Making Home Affordable" plan. This is a $75 billion program designed to help homeowners get out from bad mortgages, and financial situations, and into more affordable monthly payments. This program can lower interest rates to 2%, or extend the length of a mortgage, to achieve a lower, affordable, mortgage payment.
These two driving factors are reasons that refinancing is so popular right now. Also, many homeowners are financially struggling, and need to save money. For these reasons, mortgage lenders and banks have eased some of their refinancing restrictions to allow more homeowners to get an approval. Many homeowners are counting on a beneficial mortgage refinancing to save their home from being lost. The mortgage stimulus plan helps, but so does a low average mortgage interest rate.
Homeowners should look into the potential these new market trends could have on their home loan. Most likely, homeowners will discover that they can be saving hundreds of dollars just be getting a better mortgage. Right now is truly a good time to do something about your expensive mortgage and get a refinance.
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