Refinancing your mortgage in this market can be financially prudent and very attractive, thanks to the Obama administration's new policies. Refinancing your mortgage is a good idea if you plan to remain in your home for at least 3 more years.
Although interest rates are currently at an all-time low, they will not remain this low for long. To stabilize the housing market the Obama administration has implemented several policies and incentives to make it financially attractive to refinance your mortgage. You may browse this link for refinancing your mortgage.
The Obama administration passed the Mortgage Assistance Program, which provides financial incentives for homeowners who are having difficulty paying their mortgages. This program was created to help homeowners who are struggling to refinance their mortgages into more affordable ones. It also slows down foreclosures.
The government will pay the majority of the closing costs associated with refinancing your mortgage if you are eligible for the mortgage assistance program. A typical closing cost for a mortgage refinance will be between 2% and 3% of the mortgage amount. If you have a $200,000 mortgage, you could get $6,000 government assistance if you are eligible.
Talk to a mortgage specialist to find out more about how you can be eligible for these government incentives. These experts will help you increase your chances of being eligible for government grant programs. They will be able to help you navigate the many loopholes and get the best mortgage to refinance deal. Refinancing your mortgage with this market at low-interest rates can make a smart financial decision, even if you don't have the funds to pay it.
While refinancing your home at current rates of interest is a smart decision for most people, you should consult a mortgage professional before making any financial decisions. The mortgage professional will review your current mortgage and provide a cost-benefit analysis that will help you decide if refinancing is right for you. Before you choose a mortgage lender, it is important to get several quotes from different lenders.