Don’t Forget About Making Home Affordable
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With all the hoopla surrounding mortgage market news about brokers and possible tax credits, the idea of refinancing has been kind of shunted to the side. However, it is important to note that Making Home Affordable is still out there, and is available for the rest of us. Here is what Free From Broke reminds us about the Making Home Affordable refinancing program:
If you’re among the 4-5 million homeowners who have diligently paid each mortgage payment owned by Fannie Mae or Freddie Mac, but owe 80-105% of the value of your home, this governmental program can help. The Home Affordable Refinance program runs through 2010, and can help you depending on a few different factors. This program is aimed at helping homeowners who owe more on their mortgage than what their home is worth, or for those struggling to make mortgage payments and want to take advantage of today’s lower rates.
This program is probably not for you if you have more than 5% equity in your home. This is because you can probably get your home refinanced through more conventional means.
Now is a good time to refinance
If you already have a home mortgage loan, and are not planning on buying another home, now could be a good time to refinance. Mortgage interest rates are lower than they have been for years, and you might find that you can save hundreds — or even thousands — of dollars over the life of your home mortgage loan if you refinance. It is important to realize that the current situation does not just benefit those looking to buy homes; those looking to refinance have a chance to enjoy better interest rates and save money.
If you are interested in refinancing, you might want to speak with your mortgage lender and find out what you need to do. Also, do a cost analysis to make sure that your savings over the life of your home mortgage loan will offset closing costs and other fees associated with refinancing.



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