It is no secret that mortgage interest rates are at an all time low. Most homeowners have interest rates in the 5% range or worse. A lot of these borrowers are current on their payments and have been throughout the current recession. There are programs out there that reward these homeowners.
There are 2 major government sponsored loan relief programs out there.
1. Loan Modification - HAMP Home Affordable Modification Program
This program is usually assisted by an attorney and is for people that are either current or behind on their mortgage payments. It is usually a short term fix that has it advantages. Especially to those behind and/or struggling.
2. Loan Refinance - HARP Home Affordable Refinance Program
This program is usually done by a mortgage loan originator or a lender/bank. If your house is worth less than owed, this is the only program available to lower your rate into one of the current historically low rates.
There are still more "conventional"
Real estate Purchase - The real estate market is showing some signs of improving. If you're in the right situation to buy a home, now is the time. Prices are down and rates are low. Banks are offering low down payments again (as low as 3.5% down) to get you in your new home.
Real estate Refinances - HARP has its restrictions, and the only way to know if you qualify is to get a full application evaluated. You might not need an appraisal and you could save hundreds with a lower interest rate.
Reverse Mortgages - Senior citizens that have homes with equity and are in need of some money can still get a reverse mortgage to help get them through.
National Mortgage Loan Originators can help you shop your loan for the best rate possible. WE have access to more lenders than can be mentioned. If you go to your local bank, you will get their rate only. It is not always to your advantage to go to the bank as all banks have some niche programs that might fit you better. Let me give you a quote and explain to you what lender is right for you.