Take Professional Help With Obama Refinance Mortgage Plan

The government mortgage refinance programs changes to HARP makes it available to more people. All or any homeowners with underwater homes do not automatically qualify for a refinance under HARP 2.0. Your loan must be held by either Fannie Mae or Freddie Mac, before June 1, 2009. You must be current on your mortgage payments for the past six months with only one late payment for 12 months.

The obama mortgage assistance program is not just any mortgage modification program. It is refinancing your mortgage with a lower rate to reduce your payment. But you can modify a home loan with any lender or mortgage company to satisfy your needs of saving your home and alleviating your money troubles.

The changes in the rate, term and monthly payment of the obama refinance mortgage plan help the borrower to pay no more than 31% of their gross income. What Obama’s plans do is to standardize the guidelines for mortgage lenders across the country. Hence the mortgage lender industry as a whole is now implementing these guidelines so that more homeowners can have affordable payments and get some relief in their financial hardship.

Start with noting down your monthly budget. Lenders ask all kinds of information for the stimulus mortgage refinance and you must be prepared. You must have as steady income so you can cover monthly expenses and make the new lowered payment. Every detail like car fuel, groceries, utilities, credit cards, cell phone, car insurance, etc. will be accounted for to check you have enough money to pay your new mortgage. You too can benefit from savings due to no appraisal fees. As before harp 2 is for homeowners backed by Fannie Mae and Freddie mac. So if you are still looking forward to lower interest rates and lower mortgage payment, there is no time to lose.