Patriotic Refinancing
Offering a silver lining to the cloudy economy, President Obama encouraged Americans to take advantage of the lowest mortgage rates on record by refinancing their homes. According to the Associated Press, Obama said in a recent press conference: The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates.
With Americans who had recently refinanced their homes by his side, Obama encouraged homeowners across the nation to use the low mortgage rate to their advantage. That is money in their pocket, he said of those homeowners who refinanced.
Thanks to efforts by the Federal Reserve, current rates on 30-year mortgages have fallen to 4.78 percent, the lowest on record. This means that rates are down by more than a full percentage point from just a year ago.
However, the president doesn't necessarily mean all homeowners. The president's Making Home Affordable program is geared to help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. It is also meant to help homeowners who are struggling to pay their mortgage after their interest rate has increased or they have less income. The government Web site offers all the details.
According to the Web site, the Obama administration considers stabilizing the housing market to be one of the key components to reviving the nation's struggling economy. The program is designed to pinpoint those Americans who are most likely headed to foreclosure despite having kept up their mortgage payments. The president stressed the importance of not only keeping Americans in their homes, but also giving them money to spend on something other than over inflated mortgage payments.
President Obama himself during the press conference, as well as the Making Home Affordable Web site, stressed the importance of watching out for refinancing scams. "If somebody is asking you for money up front before they help you with your refinancing," Obama said, "it's probably a scam." The Web site stressed the following:
-There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
-Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away!
-Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
-Never submit your mortgage payments to anyone other than your mortgage company without their approval.
- The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times.
About the Author
Jill works on a website that has information on real estate in Fort Worth. It provides a free search of the Fort Worth MLS along with a real estate blog.
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