Act To Take Advantage Of The Obama Mortgage Refinance Plan -Obama Refinance Program

Obama Refinance Program

The Obama mortgage refinance plan has been designed to assist struggling homeowners who are find it hard to stay current on their existing monthly mortgage payments. The government program offers unique opportunity to borrowers to refinance their homes to much reduced mortgage rates. If you can qualify for the Oba

ma refinance plan, you could take advantage of subsidies provided on mortgage expenses by the federal government.

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The Obama mortgage refinance plan has been designed to assist struggling homeowners who are find it hard to stay current on their existing monthly mortgage payments. The government program offers unique opportunity to borrowers to refinance their homes to much reduced mortgage rates. If you can qualify for the Obama refinance plan, you could take advantage of subsidies provided on mortgage expenses by the federal government. Remember, this could possibly be the best time for refinancing as government grants coupled with incentives as well as significantly lower mortgage refinance rates are in action. But if you have the feeling, “How to refinance my mortgage?”, here is some crucial information pertaining to the same which could guide you in your endeavor to get approved for a low fixed interest rate home refinance loan.

The qualification criteria for President Obama mortgage assistance program are quite lenient. To be eligible for deriving the benefits of the plan, borrowers need to demonstrate the financial hardships that are being faced by them and subsequent inability to maintain regularity in paying the monthly mortgage installments on existing home mortgages. Once you have filled out a request for a refinance home loan under the home affordable refinance program (HARP), as it is popularly known, your mortgage servicer would determine whether you primarily qualify for the government grants. If you are eligible for the HARP refinance loan, you could be in a much better position to secure a low interest rate home refinance loan with flexible loan repayment terms and conditions from any lender of your choice.

Typically, the Obama mortgage refinance with bad credit subsidy is supported by a massive $ 75 billion stimulus package and hence, there is no dearth of money to support your cause. Nevertheless, it would be interesting to spend some time and see if you can actually qualify for the program. But to start with, you need to find out if mortgage refinancing is the right option for you and to that effect, it could be always better to get expert help that is available online. A mortgage specialist can definitely assist you by providing you with a cost-benefit analysis which is critical and takes into account the status of your current home mortgage loans. If you meet the HARP requirements, you automatically qualify for a mortgage refinancing solution at absolutely no costs.

Today you can find many companies online that guide distressed borrowers in exploring their home refinancing loan alternatives. However, it could be vital for you to choose a company that is reliable as well as reputable.

The Home Affordable Refinance Program

E. B. Larsen asked: How does this program help me?This is the second of two foreclosure prevention programs that came out of the Obama Administration (the other is the Home Affordable Modification Program, or H.A.M.P.). Many homeowners are not having problems making their house payment but still want to save money by refinancing. Unfortunately, with values having dropped to the lowest level in years millions of homeowners cannot refinance due to their lack of equity. Under this program homeowners can finally refinance, even if their house is slightly upside down in value. In addition, guidelines like lower credit score requirements and higher debt ratios make it easier than ever to qualify.

The Home Affordable Refinance Program is only available to homeowners whose loans are owned by either Fannie Mae or Freddie Mac. As you try to save your home it is imperative that you find out who owns your loan since this determines what programs are available to you. This will be the single, most helpful step you will take during your quest to save your house from foreclosure. Important – Who you mail your payments to is your servicer, not who owns your loan!

Who should I contact?

Any normal channel for home loans can help you with this program. You can use your preferred mortgage broker, bank, credit union, etc. Tell them you want to apply for the Home Affordable Refinance Program. If they don’t know what that is you should take your business somewhere else.

What should I expect?

This loan is processed the same as a regular refinance. Once you choose a lender it should take 30 to 45 days depending on how busy the company is that you choose. If you do not qualify for the program for some reason you should look into the other Obama Administration program, the Home Affordable Modification Program, which is also available to you if you are Fannie Mae or Freddie Mac owned.

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