Cannot Refinance Your Mortgage Loan and Take Advantage of the Super Low Rate? Cheaper Maybe Better!

With interest rates at all time lows, many homeowners are looking into the option of refinancing their home mortgage loans to save money. Experts agree that now may be the best time in history to refinance a home mortgage loan. So what should you do if you are able to refinance? First things first, decide how you want to refinance you mortgage loan. If you have an adjustable rate mortgage, now is the perfect time to refinance to a fixed rate mortgage and lock in a lower interest rate which will lower your monthly payment and potentially save you thousands of dollars in the long run. Maybe you want to gain access to your home's equity so that you can consolidate or even pay off your bills or do some home improvements. Whatever the reason, your next step will be to shop around until you find the lowest available interest rate.

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Once you find that rate and lock it in and you're all set to save yourself some money.Or if you one of the millions of home owners cannot get refinance due to credit score, debt to income ratios and most common being upside down when you owe more than what your home is worth as the common lingo with lower home appraisal values keep lower and lower due to short sales and foreclosures in your neighborhood.President Obama, in an effort to stimulate the economy and stem the tide of foreclosures, has implemented several new plans under the Making Home Affordable Program These plans are designed to assist struggling homeowners to come up with alternatives to foreclosure. Mortgage loan modification is available for those who are having a hard time paying their mortgages due to decreased income or higher interest rates.

This plan is specially designed to offer assistance to people who have become unemployed. Homeowners whose mortgages are held by Fannie Mae or Freddie Mac can take advantage of refinancing options to decrease their interest rates and thereby save money even if you owe more than what your home is worth (up to 125% of the value of the home) and in most cases Private mortgage insurance (PMI) will be waived. Foreclosure alternatives are available through the Making Home Affordable program, as well. People who are no longer able to afford their mortgages but who don't want to have the negative association of a foreclosure on their credit record are now able to receive cash assistance to make the move to housing they can afford when they finish a short sale or deed-in-lieu of foreclosure sale. The program also offers homeowners who have a second lien the option to lower their second mortgage payment when they refinance the first mortgage loan.

There is also in place a Hardest Hit Fund which enables assistance to homeowners in the five hardest economically hit states. This help is available through each state's Housing Finance Agency. It should be noted that there are scammers out there who are preying on people who find themselves in the situation where they are unable to pay their mortgages. Homeowners should beware and avoid any person or company who offers to assist them for a fee. Free help is available for people who are no longer able to sustain their mortgages. To find out more about these programs and to see if you may be eligible for assistance, please visit

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