With President Obama's Mortgage Refinance Stimulus Plan Homeowners Can Refinance at 4.5 Percent

Homeowners who have missed, or are struggling to make their mortgage payments, now have some relief. President Obama's mortgage refinance stimulus plan makes an estimated 9 million homeowners eligible for a home mortgage refinance at a 4.5% fixed rate. Hundreds of dollars per month can easily be saved on mortgage payments.

Here are some of the requirements needed to fully take advantage of this "Home Affordability Plan" from Obama:


- The amount remaining on the mortgage must be for less than 9,500
- The home mortgage must have been closed on and finalized before January 1st 2009.
- The homeowner must use the house to be refinanced as a primary residence.
- Your income levels must be verified through the use of tax returns or pay stubs.
- A letter of "Financial Hardship" handwritten and signed by you is needed. This can be a loss of income, job, high medical bills or other expenses leading to your financial hardship.
- The homeowner must agree to get credit counseling if monthly debts, including the mortgage, exceed 55% of the homeowners gross monthly income.

With President Obama's Mortgage Refinance Stimulus Plan Homeowners Can Refinance at 4.5 Percent

Here are some things that banks and mortgage lenders can now offer you:

- The bank or mortgage lender can lower your monthly mortgage payment to 31% of your gross monthly income.
- Home interest rates can go as low as 2% in order to meet these guidelines set by President Obama.
- Homeowners will not have to pay any fees for home loan modification. These will be paid by the Government as part of the mortgage bailout plan.
- The bank or mortgage lender has the option of setting up a balloon payment at the mortgages end if the monthly payments were too low.
- Any balloon payments will have to be paid off in full should the homeowner want to sell or again refinance their property.
- Incentive plans are in place, backed by the government, which will gradually reduce the homeowners principal over the course of 5 years, up to a maximum of ,000, for making mortgage payments on time.
- The mortgage interest rates are adjustable after a 5 year period. The low 2% and 4.5% mortgage interest rates are temporary fixes to help homeowners get out of their financial problems.
- Only one mortgage modification can happen using this mortgage stimulus plan, their will be no renegotiating later down the road after this.

Homeowners who are current and up to date on their mortgage payments and have a bank or mortgage lender who will not allow you to refinance or modify your mortgage due to the property values plummeting and the mortgage now being worth more than the home. There is now plans from Obamas mortgage refinance stimulus plan which will allow homeowners a chance to refinance, regardless if they have been declined before.

Here are some of the refinancing options using this Obama stimulus plan:

- The home must be the primary residence of the homeowner. This plan does not cover, investment properties, or second homes.
- Your income must be sufficient to pay the new mortgage amount.
- You are not able to perform a cash out refinance to pay down other debts using this stimulus plan.
- The home loan must be insured or owned by Freddie Mac or Fannie Mae.
- Homeowners can lock in a fixed 4.5% mortgage rate for 15 or 30 years.
- Even lower interest payments may be offered by the bank over the course of 5 years.
- Homeowners can now refinance up to 105% of the value of their home.

Refinancing a home mortgage will save millions of homeowners hundreds of dollars every month. This mortgage stimulus plan from Obama will stabilize the housing market and curb the foreclosures happening everywhere. This will restore confidence in the market and home values will start to rise again. Refinancing the right way, especially using this Obama stimulus plan, will save homeowners hundreds per month, or more importantly, their home.

With President Obama's Mortgage Refinance Stimulus Plan Homeowners Can Refinance at 4.5 Percent

Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn how to properly refinancing a home mortgage and walk away happy and with more money.

Mortgage Refinance Scam - How to Avoid Mortgage Loan Scams

The purpose of refinancing your mortgage is to obtain a lower interest rate, therefore it has a potential to save you some money in the long run. Although not all bad refinancing deals are the result of scams by unscrupulous lenders, there are however many predatory lenders out to take advantage of you.

So if you are in the process of refinancing your mortgage, you need to learn how to protect yourself from those predatory mortgage lenders. Do your due diligence and research before you agree to sign any legal contract. Knowledge is your best ally when it comes to protecting oneself from scams and dishonest mortgage lenders. Knowledge is power indeed!


But, how do you recognize the signs of mortgage refinancing scam?

Mortgage Refinance Scam - How to Avoid Mortgage Loan Scams

The first precaution is to begin doing some research to gain the necessary knowledge. The Internet is a great place to start, you can quickly gain some basic mortgage refinancing knowledge by doing a few searches online. You can also call the companies and ask questions. Become familiar with the mortgage lingo and the business phrases used in this industry. While doing your research, you want to make certain that you understand what are your rights and the lenders's obligations as well.

By law, mortgage lenders and financial institutions have the obligations to disclose and inform you the rate, fees, and closing fees of their loan products. You should also know how much time you have to close the deal before rates are subject to reevaluation. Be very cautious with those lenders who refuse or try to delay providing this kind of information openly.

For example, there are many pesky mortgage lenders do not tell you when locked in rates run out. They do this on purpose of course, so they can quote you a new rate with one or two points higher during closing. This is the most common scam many mortgage borrowers fell into.

Demand the Good Faith Statements from lenders, analyze carefully all the costs incurred, ask questions and demand explanations for every cost that you don't understand or looks obscuring. You have the right to do so. If the lenders refuse to provide the information you request, don't be afraid to back out from the deal.

Another common mortgage refinancing scam sign you need to be aware of is the paperwork. There are shady mortgage lenders who try to confuse you with paperworks. They know that people don't like to read paperworks and they will slip in terms and fees in a legal contract so that they can get more money out of your pocket.

You should not be lazy reading and analyzing all the fine prints. Again, study the Good Faith Statements carefully, it consists of all the critical information there. Be aware when lenders try to encourage you to borrow more and push you to agree on higher payments. They are doing this to increase their profits. They don't care if you will get foreclosed in the future.

So, knowledge is your greatest protection from the scammers in mortgage refinancing. Check out the lenders thoroughly and be observant to those signs that smell scams. The best terms and rates are out there, so do your homework well in order to get the best deal.

Mortgage Refinance Scam - How to Avoid Mortgage Loan Scams

If you need to do more research, visit our mortgage refinancing guide online [http://www.mortgagexplain.com/refinancing/]. You can also download a free report at our home mortgage site online [http://www.mortgagexplain.com/]. All the information are there to help you get the best mortgage loan deal.

Upside Down Mortgage Loan - Tips to Refinance an Upside Down Home Loan

Many homeowners are struggling as they are not able to pay their loan on time and are facing foreclosure. This is because the value of their property has declined more than 50% than what they actually bought it for. Now they owe much more money to the lenders than the actual value of the property to the lenders.

Tips to Refinance Upside Down Home Loan Refinance


If you are upside down on your mortgage and it is creating difficulty for you, then you can refinance your loan. Borrower need not to worry much about it as they still have a hope and chances to save their homes by getting their upside down mortgage loan refinanced by the related lenders.

Upside Down Mortgage Loan - Tips to Refinance an Upside Down Home Loan

1. You can refinance your loan by lowering interest rates which will help you to stay in your home. Some homeowners are tempted in a myth that the rates are going to be decreased further because of the bad economic scenario but it is advised that you do not take risk and wait for the situation to get worse.

2. You can be offered for a fixed rate mortgage loan by the lender to refinance your upside down home loan easily.

3. You must keep in mind objectives that will help you to figure out what type of loan you want and whether it will fulfill your financial goals.

4. You can even stay with your existing home mortgage rates. They may be reduced some fees to help you refinance in better way.

5. A professional help can be taken by an agent. You can appoint him to take care of your situation professionally and understand your circumstances to work upon it further.

6. Do not pick calls of anyone unless you approach to the loss mitigation department. You are needed to call them to know how to refinance an upside down home loan mortgage.

Upside Down Mortgage Loan - Tips to Refinance an Upside Down Home Loan

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The Best Refinance Investment Property Interest Rate

If you are considering a refinance of your investment property mortgage, now is still a very favorable time. While interest rates are no longer at rock-bottom prices, the rates are still historically low.

Refinancing your investment property mortgage loan is never a simple matter, but there are a few things which you can do to insure that you get the best refinance rate possible. Here are 4 tips you can use to help you in the process:


Tip #1: Get the Best Refinance Investment Property Interest Rate by Doing Your Homework

The Best Refinance Investment Property Interest Rate

Even if you choose to use a mortgage broker, you will find that interest rates constantly change, literally hour by hour. By taking the time to educate yourself about mortgage rates you can help yourself to better gage when the rate is at its best it is likely going to be. By reading about mortgage rate trends, the U.S. economy and other financial news you can help insure you get the best refinance mortgage rate possible.

Tip #2: Get the Best Refinance Investment Property Interest Rate Possible by Using a Mortgage Broker

Brokers are professionals in their trade. Just as an accountant is the best person to do your income tax returns, a commercial mortgage broker is trained and skilled in helping you to find the best refinance investment property rate possible. A broker has access to literally thousands of lenders and programs to choose from. They can suggest lenders for just about every scenario possible. If you have bad credit, if you are self-employed, etc., no matter what your unique situation is a commercial mortgage broker can help find you the absolute best deal possible.

Tip #3: Get the Best Refinance Investment Property Interest Rate by Buying Down

Assume for a moment that the best commercial mortgage rate available today is 6%. By buying down your rate you can lower your interest rates over the length of your loan. This is also called "paying points." If you were to buy down the 6% rate, you might easily end up with a 5.5% mortgage. The cost to you would be a few thousand dollars at closing; however, this would save you tens of thousands of dollars over the life of your mortgage term. Paying points always makes sense if you have the available capital and do not need to use it in other areas of your business.

Tip #4: Get the Best Refinance Investment Property Interest Rate by Negotiating

A little known fact is that mortgage rates and even fees are always negotiable! By playing two lenders, or even two brokers, against each other, you can come up with an absolute rock-bottom interest rate. Successful negotiation requires that you are always prepared to walk away from the deal, that you say "no" until you get what you are looking for, and that you are both patient and well educated.

By educating yourself, using a mortgage broker, paying points, and using simple business negotiation skills, you can get the best refinance investment property interest rate available. Whether you have excellent credit, or not so good credit, you can find an excellent rate and refinance your current commercial mortgage. By doing your homework you can save yourself thousands of dollars over the life of your investment property loan.

The Best Refinance Investment Property Interest Rate

Get the best refinance investment property interest [http://www.kiscl.com/whatsnew_sitemap.php] rate by doing your homework. KISCL, http://www.kiscl.com has all of the tools of seasoned real estate pros to help you navigate the commercial market. With our program you can analyze your property instantly and know the deal is right!

Texas Cash Out Refinance Laws

There is a wide variety of reasons why a homeowner may choose the option of refinancing the mortgage loan on their property. In many cases, it is because renovations need to be made, repairs for the maintenance of the home or various other home-improvements. Securing this type of loan will give them the cash needed to accomplish major projects such as these. If you are a resident of Texas, you will need to review the Texas cash out refinance laws before applying for a loan of this nature.

If a homeowners situation adheres to the rules of these loans, it is a benefit that, in many cases, saves them a large amount of money in the long run. This is simply because the funds from the loan will give them the advantage of being able to completely pay off loans they have obtained with a high rate of interest. Credit card bills that have piled sky-high is one of the many reasons why homeowners consider refinancing their mortgage loan. The interest rate they are able to secure on these loans is almost always drastically lower than interest rates that are applied to credit card debts. If you have fallen on hard times and are swimming neck-deep in credit card debt, it may be beneficial to review the rules to see if you quality for a mortgage refinance loan.


There are a few factors that will be considered in refinancing the mortgage on your home. The value of the property is a large factor taken into account and a homeowner's FICO score is another factor that can either help or prevent your approval. LTV or the Loan to Value that you are allowed to cash-out can decrease in the event your credit rating is low. Texas mortgage laws will also play a large part in the money you are allowed to borrow if you happen to live in the Lone Star state and have certainly been considered as the strictest of most all states.

Texas Cash Out Refinance Laws

The Loan to Value (LTV) rate that a homeowner is allowed to cash-out on with a refinance mortgage loan, if they live in the state of Texas, can not be greater than 80% of the property that they occupy. One more rule that has been set in regards to Texas cash out refinance laws says that before the borrower is able to obtain the funds, they must first wait a time period of 12 days for the closing to be finalized.

Texas Cash Out Refinance Laws

Texas refinance mortgage loan information and advice, http://txmortgagerefinance.com

How Long Should You Wait to Refinance After Purchasing Your Home

The most common reasons for refinancing a mortgage are to lower the monthly mortgage payment and to lower the interest rate. There are a couple of things to consider when you have purchased a home and are considering refinancing. You need to consider how much money you are really going to save when you take into consideration that you have to pay closing costs and other fees in order to refinance.

Seasoning Period


Most lenders have a clause, which is referred to as the "seasoning period." This means that you cannot refinance your mortgage until after the first or second year that you have lived in the home.

How Long Should You Wait to Refinance After Purchasing Your Home

Early Payoff Penalty

Another cost factor that you need to be aware of is that your existing mortgage lender may charge you a prepayment penalty for paying your mortgage off early. If you refinance into a new mortgage, the existing mortgage is essentially paid off with the new mortgage and some lenders charge fees for this. Fees can range greatly, but are usually calculated as a percentage of your mortgage amount, which can cost you thousands of dollars.

Closing Costs & Fees

So before you refinance your mortgage it is important to calculate how long it is going to take you to breakeven or to recoup the amount of money that it is going to cost you to refinance (closing costs, prepayment penalties, etc.). This is especially important to calculate if you do not plan on being in the home for an extended period of time. As long as you recoup all of the costs that you will have to put into the refinance before leaving the home, then it may be a good time to refinance.

Breakeven Analysis Formula

Total amount of savings per month = # of months to breakeven
Total amount of refinance costs

How Long Should You Wait to Refinance After Purchasing Your Home

Preferred Mortgage Refinance Lenders - We maintain a list of recommended mortgage companies online and update the list regularly.

Refinance Lenders Specializing in Bad Credit- View our list of recommended poor credit refinance lenders online.