The Making Home Affordable Program is slated to benefit about 9 million struggling homeowners by providing them with a home mortgage refinance loan at a 4.5% fixed rate. This could help distressed house makers to save thousands of dollars every month. But just how is this possible? Here is some crucial information pertaining to the same.
The Home Affordable Refinance Program is slated to benefit about 9 million struggling homeowners by providing them with a home mortgage refinance loan at a 4.5% fixed rate. This could help distressed house makers to save thousands of dollars every month. But just how is this possible? Here is some crucial information pertaining to the same.
The federal government intends to provide cash incentives to mortgage refinance loan lenders that offer borrowers, who are faced with home foreclosures, a refinance home loan through this stimulus package plan. It is abundantly clear that the eligibility requirements for the Obama Mortgage Refinance Program have been relaxed to reach out to struggling homeowners since conditions such as 20% equity in the borrower’s is no longer required to grant an approval for a refinance loan. Many house makers have witnessed a fall in their property values to the tune of 15% or even more due to the current mortgage crisis. Such homeowners can now refinance their existing home mortgages with a 4.5% fixed rate refinance home loan. Mortgages that are owned or insured by Freddie Mac and Fannie Mae will automatically qualify for the government mortgage modification program. All that borrowers are required to furnish is proof of some type of financial hardships that are being faced by them along with valid reasons such as loss of income on account of losing job, hospitalization, etc. Remember that if you are eligible for the home refinance with poor credit under the HARP, the new monthly mortgage installments would not be more than 31% of your gross monthly income as stipulated by the federal program guidelines. Furthermore, if you are faced with an immediate housing foreclosure, you could consider refinancing your current mortgage loans with a streamlined refinance loan which could quickly close down your present mortgage loan. This could go a long way in arresting the rising number of home foreclosures and stabilizing the economy as well. It is now much easier to get your existing home mortgage loans either modified or refinanced. You could even apply for a home equity line of credit since rates of interest on home mortgages are at record lows. The federal government is keen on keeping the mortgage rates as low as 4.5 % for some time to come for all house makers and new home buyers. People should think that they will face a lot of problems in their life and that is the main reason they are not getting the best result in their process. best instant loan lenders will help you a lot in solving all these problems accurately and very easily.
Thus, by refinancing your upside down home mortgages, you could be able to save a lot of money. Therefore, it is very much imperative for you to explore your loan modification or mortgage refinancing alternatives and derive the benefits offered by the federal scheme by choosing an option which caters to your financial needs and requirements.