The Obama Refinance Plan has been in place since March and is aimed at helping every American to get access to historically low mortgage rates. Our President was elected on the platform of “Change” and that is exactly what he has done. Never before has a president desired to give EVERY American the opportunities that they have today. With mortgage rates under 5% for much of the year, home owners can save a great deal of money by refinancing at these low mortgage rates.
Mortgage rates have recently increased to above 5% recently, but they have been coming back down lately. Several websites are showing mortgage rates at approximately 5.25% as of June 29th. With mortgage rates being extremely low and President Obama helping you get access to these rates, have you taken action? If you are not in a time of your life to refinance, has anyone close to you gotten a better deal with the efforts of this plan? President Obama is sure to continue to find ways to help the common American, but lets take advantage of them! Check out Making Home Affordable for more information.
11 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.
I have been run around for the last 6 months trying to get a mortgage refi, with good credit but self employed i dont stand a chance of getting any better then a 7% rate. Once again the only people who made out on the tarp funds were the banks.
This country is a mess and we all better look at the bigger picture, taxes are through the roof values are down yet in every town in NJ property taxes are up. we pay our tax clerk 145K per year in a small town of 2600 people they voted themselves a raise this year increasing taxes. Where is it going to end?
All of this talk about the Obama plans. I have tried to get a loan modification since Dec 15,2008, and keep being told that the OBAMA PLAN is too dificult to qualify for, I was current on my mortgage and had a hardship anticipating a problem but was told I had to be in default to get a modification. then my credit got ruined and i could not refinanace and did not qualify for a modification. GREAT SYSTEM-now i am in forclosure , have bad credit- THE OBAMA PLAN has helped very few and the banks are not completing any loans as they are voluntary for them to do anything
I refinanced my mortgage recently, locking in a 4.75 interest rate over 30 years on May 14. I reduced my monthly P&I payment by $157. My closing costs were about $1,600.
No. My mortgage holder, Countrywide/Bank of America, won’t work with me eventhough I already have a FHA mortgage. So I just continue to run 1 month behind in my payments until I can catch up. Which with my current situation probably won’t be until next year.
This is really something, I tried refinancing my Fannie Mae Insured Mtg. Paid $300 for an appraisial and was denied by one company. My mortgage company in order for Suntrust to look at refinancing they want $625.00 with no guarantee. Right now we pay 7.25 % we could pay 5.5% easily but no— Have to go through all the strict regulations, or debt to income ratios have to be less and on top of that did you know: Mortgage companies are getting government payment incentives for every mtg they write? Yep! I think the Minimum is $500 and up depending on the amount, ratios and maybe some other factors. Yet they still want closing costs from Mortgage holders that refinance. A little bit of double dipping I think. Don’t believe me about them getting paid by the gov’t look it up on the treasury website, read the details. I have heard other people having problems getting refinanced too. Why do any of us that have made our payments have to get refinanced? Why don’t they do an automatic finance rate adjustment?
The only way anyone should be able to get a home mortgage is for them to have good credit and a regular income to help them purchase a home within their means. That criteria, which is the cornerstone of the free market, will enable the borrower to repay the loan in a timely manner, and the lender to make a profit so that they can continue to give loans. DUH! Economics 101
This “plan” is just another way of invading a person’s privacy with far more red tape and government intrusion than ever before. The Chief Executive should realize that not everybody desires the entrenchment by him and his ilk into our lives and that some of want no part of a finance system that costs extra in the form or “mortgage insurance” that protects the U.S. Government in case we fail in our duty to pay the loan off. The “insurance” is not deductible and costs far too much for the average person is in reality another form of tax.
Far better to have a non-government loan to keep his and the wife’s hands out of our pockets because they probably get some kind of kickback from every loan people are stupid enough to get involved with.
You better have very good credit (700 or better)or the banks want nothing to do with you.
I have excellent credit, have been on time with my payments and because I owe more than my house is worth the bank won’t refi. It doesn’t make sense to me! I thought that’s what Obama’s program was suppose to help with??
Continuing the Discussion