Government Mortgage Refinance Programs: The Basics!
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The smartest advice there is for homeowners right now is to look into government mortgage refinancing programs. With the housing market in the terrible shape it's in, it's a great time to buy a house but a horrible time to own one - right now, your home is probably worth less than the amount of your mortgage. But by taking action while the market is still in such a slump, you could recoup some of that lost money with government mortgage refinancing programs.
The Home Affordable Refinance is a government mortgage help plan that allows the borrower to refinance his mortgage or home loan into a fixed rate loan for a time period of 15 or 30 years. Even in the case where the home is worth less than what is still owed on the mortgage, you can apply for this plan. The new rate is dependent on the points and fees associated with the lender and the mortgage rate as it is at the time of refinancing.
To qualify for this program, the house in question should be the primary address and residence. Fanny Mae or Freddy Mac securitized or owned loans are the only applicable loans. The first mortgage should not exceed 105% of the house's value in the market at the time. The mortgage's date should be before 1st January, 2009 and you have to be current on the payment.
The Home Affordable Modification, a government mortgage help plan is for the people who are unable to pay their monthly mortgage payments. Along with assistance from the mortgage lender, this plan can effectively bring down the costs of the monthly mortgage payment to an amount as low as 31% of your gross monthly income.
This government mortgage help plan has two main components that the people can make use of - Home Affordable Refinance and Home Affordable Modification. To make use of these plans, you have to meet certain eligibility criterion. Each of the two plans has a separate set of eligibility criterion that you are required to have before you can use these plans to your benefit.
Article Source: Articlelogy.com
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