Let almost
everybody refinance - seems to be the mantra to get the housing market back on
track! This philosophy seems to work better with Obama house refinance plan 2013, to the advantage of
many borrowers. Refinancing through the HARP 2.0 can help borrowers in several
ways. Cash out refinancing is possible. Refinancing for low cost mortgage with
less monthly payment amount is possible. A suitable refinance plan can,
therefore, save many unpleasant mortgage situations.
Usually, homeowners have a tough choice when an additional responsibility
crops up with their mortgage responsibility. Responsible borrowers prefer being
regular with a mortgage. This can lead to unsatisfactory search for an
affordable loan like a credit card loan. With the high interest rates charged
for such loans, Obama house refinance program 2013 would seem a better
alternative any day. At present the good news is that, homeowners actually have
the opportunity of being a little less tough on oneself. Financing for
absolutely necessary responsibilities become more affordable with cash out
schemes and low interest mortgages.
The U.S administration expects homeowners to not only hold
on to their homes, but also to benefit financially from the various programs
that have been put in place in lieu of the housing crisis. HARP 2.0 is one such
program which serves the purpose of providing refinance solutions to homeowners
who are stuck with expensive or underwater mortgages. It helps homeowners to
secure a new, more affordable and more safe mortgage. There are many benefits
to saving a sizeable amount, every month, through lowered mortgage payments.
Have a look at the guidelines that are applicable for Obama
House Refinance Program :
Your mortgage should be owned or guaranteed by Freddie Mac
or Fannie Mae.
Your mortgage should have been sold to Fannie Mae or Freddie
Mac on or before May 31, 2009.
Your mortgage should not have been refinanced under HARP
previously, unless it is a Fannie Mae loan that was refinanced under HARP from
March-May, 2009.
You must be regular on mortgage payments, at the time of the
refinance, and should be able to show a good payment history of past 12 months
You should also be aware that to refinance under HARP 2.0
Program, a loan application and underwriting process is required. Also remember
that refinance fees will apply, for the same.
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