HomeMortgage lenders are required to adhere to a set of guidelines outlined as part of the legislation in the Making Home Affordable package. In some instances they are able to offer a very low 2% interest rate. The money they are losing will be covered by the government’s cash incentives as part of this plan.
Eligible homeowners must meet certain criteria to receive these great home mortgage refinance terms. First, they must be current on their loan, and stayed current on all payments in the last 12 months with no payment past due for more than 30 days. If they are seeking the 2% interest rate, they will have to sign a letter of Financial Hardship which outlines the reason for their loss of income. Another way to get the 2% rate is by proving that the value of the real estate mortgaged has fallen by at least 15% in value. And any homeowners who used Fannie Mae or Freddie Mac as their mortgage lender are automatically qualified.
Getting a great home mortgage refinance rate might just be within reach now that the Making Home Affordable legislation has been enacted. With a lowered interest rate or modification to the monthly mortgage payment, many Americans can save thousands of dollars and achieve peace of mind that they will not lose their home.
Home Mortgage Refinance is Easier With Making Home Affordable