Mortgage Refinance Rates
Refinance rates are at an incredible low recently. It is a great time to refinance your mortgage. While the new home mortgage market is dwindling because people fear the loss of employment or unemployment itself; home mortgage refinance is booming. The economic environment when you purchased your home was likely better than it is now. That is a lot of bad news, but it can be good news if you can get out of high interest rate mortgages and spend less money each month on your payment. Mortgage refinancing can be money in your pocket if you look closely at what will the best for you in the long run.
Adjustable rate mortgages can get extremely low, but also fluctuate with the market. What seemed like a good idea can turn on you. Now is a good time to get a low, fixed mortgage refinance rate. You will have the benefit of both a low rate and a fixed rate that will stay with you through the life of the loan. If you don’t care about lower payments you could still benefit from a home refinance. Getting a lower interest rate, but paying the same amount as you did before the refinance means you will pay off your mortgage sooner. And that means your money is free from obligation sooner.
The Making Home Affordable Program is a federal stimulus program that modifies your home mortgage interest rate. Many who struggle with paying their mortgage every month may qualify for the program and benefit from its help. There are a few qualifications that must be met, like actually living in the home in question. The MHAP reduces your interest rate, therefore decreasing your overall mortgage total and your monthly payment. Depending on your current mortgage rate, a modified rate could be as low as 2-3%. That might mean a considerable decrease in your monthly mortgage payment.
The Making Home Affordable Program (MHA) has recently undergone some changes that make it much more accessible. Approval or non-approval must now take place within thirty days, ending long waits. The lender of your choice must give written notice of receipt of your refinance application and also the details of your prospective loan. If you do meet the qualifications for the program, you must wait for ninety days before you can benefit from the program. If you are rejected you can reapply through another lender. It is a good time to look into changing your mortgage rates with a refinance.
Mortgage refinance rates can get as low as 4% right now. Do a little research to see if a refinance would help you out. Or check into a modification like the Making Home Affordable Program. It may not be a great time to get into a new mortgage, a refinance can help you lower your interest rate, shorten you term, trade a variable rate for a fixed one, or get you out of mortgage insurance. Take advantage of the no fail market available to you. With a little paperwork, you might benefit from a refinance or modification.