Securing the Lowest Mortgage Refinance Rates under Obama Stimulus Plan

Sept. 8, 2010 - PRLog -- If you are unable to obtain mortgage rates that are low enough, your financial position could be further jeopardized. Remember that the primary objective of applying for mortgage refinance loans is to save you dollars. Apart from clearing the existing upside down mortgage loan, with the saved money you can get rid of other unsecured debts such as credit card bills.

The affordability of a second mortgage actually depends upon the home mortgage refinance rate. If you are unable to obtain mortgage rates that are low enough, your financial position could be further jeopardized. Remember that the primary objective of applying for mortgage refinance loans is to save you dollars. Apart from clearing the existing upside down mortgage loan, with the saved money you can get rid of other unsecured debts such as credit card bills. Now if the rates of interest on your home loan mortgage refinance are high, you could find it pretty hard to clear of your other bills in addition to the fact that you could even find it difficult to pay the monthly mortgage payments on your new refinance home loan regularly. Here is some crucial information pertaining to home mortgage refinancing which could guide in your effort to obtain the much desired lower rates of interest on your home refinance loan.

Compare Mortgage Rates

Loan Type                         Rate    APR
30 Yrs Fixed Rate    4.00%    4.13%
15 Yrs Fixed Rate    3.38%    3.61%
5/1 Adjustable Rate    2.88%    3.41%

Start Your Request » [ http://www.obama-loanmodifications.com/refinance-applicat... ]

To get the lowest mortgage refinance rates you need to follow the below mentioned guidelines.

  1. Avail credit counseling help:

     Credit counseling can be crucial to rebuild your damaged credit reputation. Furthermore, it could enable you to get the much desired financial education which is essential to help you manage your finances and debt situation much better. Once you are helped to make your monthly payments on time, you could rebuild your credit record and qualify for a much lower mortgage refinance interest rate.

 2. Shop around to get the best deal:

     Online processes have been simplified and it is possible for you to save a lot of time as well as money. All that you need to do is simply get numerous free no obligation quotes from different refinance loan lenders and compare them to locate a lender who provides the lowest interest rate on your mortgage refinance loan.

  3. Negotiate with the lender:

     Once you have identified a suitable lender, you need to negotiate with the lender to ensure that the mortgage rate is further brought down. Many house makers lack the skill to carry out negotiations with their lenders. Thereby, it is critical for you to get an expert guidance online since you could be actively assisted to represent your case.

The best way to go about it is to avail professional help offered by companies that employ mortgage refinance specialists. By doing so you could be helped to secure the best refinance rates on your home refinance loans. Nevertheless, it is very much imperative for you to choose a firm that is reliable as well as reputable.

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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 http://www.obama-loanmodifications.com/making-home-afford...