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The Making Home Affordable Package is one of the best options to avail Home Mortgage Refinance.
The Making Home Affordable Package is one of the best options to avail Home Mortgage Refinance.
If you’re considering refinancing home mortgage, then you need to be very certain. You should know from there to start, in that case you can appoint professional service which would make your home mortgage refinance process faster along with better solutions.
Abilene,
TX,
United States of America
(prbd.net)
12/07/2010
"Obama's 2 Percent Rate Loan Modification Program Available to Homeowners"
Were you recently considering a home mortgage refinance and realized that it did not make sense financially or impossible because of excessive restrictions from the mortgagor that you currently have? With this new legislation, all that may have changed for the better and getting refinance mortgage loans that work for you is now a real possibility.
With the Making Home Affordable plan, lenders must work with homeowners to reduce their monthly payments to 31% or less of their income currently being earned. Between the failing real estate market and the recessionary state of the economy, it is not unusual to find homeowners who are paying up to 50% of everything they make monthly on a mortgage payment alone.
Financial lending institutions must also adhere to the guidelines of this stimulus package by offering a 2% rate on existing home mortgage refinance loans, thereby reducing the percentage of income being paid out on a mortgage. Their costs are covered by the government's cash incentives.
If you are seeking a home mortgage refinance under these terms, you must be aware of the qualifications. These include being current on your mortgage payments now and for the previous 12 months. If any of your payments fell more than 30 days behind on your current refinance mortgage loan, then you are not likely to be eligible. You may also need to sign a Financial Hardship letter which states the reason for your loss of monthly income. Any homeowner who has seen their property devalue by more than 15% could receive the 2% interest rate, as well as anyone who financed their home through Fannie Mae or Freddie Mac.
Now that the Making Home Affordable package has been enacted, the possibility of a home mortgage refinance that saves you thousands of dollars annually may just be within your reach. Consider your options and get started saving money today.
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