If you’re looking for information on the home affordable refinance program, then you’ve found the right source. There are three main areas to educate yourself on that cover what the program is, what the specific benefits are and how it all works for you. When you’re done here, you have a clear understanding of how this program can benefit you.
What can the program do and why is it in place? Is this just another empty promise to homeowners? A big benefit of the program is to ensure people avoid foreclosure. If they get current on the loan and are given lower payments, they’re unlikely to have any future problems. The program is a big step in the right direction for getting rid of troublesome adjustable rate mortgages. The ARM loans have been at the core of a lot of foreclosures and this is a way to stop that from happening.
There’s the basic overview of the program. Now, I’d like to share some benefits we’re seeing come out of all this.
What are the benefits we’re seeing today with this program? Is it going to make any real difference in the economy? Homeowners participating in the program are seeing lowered payments. This is pretty much all people needed in the form of help and it’s paying off. With the lower payments, more people are able to stay in their homes. This has a ripple effect that is helping the real estate market stabilize thus having an overall positive effect on the entire economy.
There you have two benefits from people participating in this program. Now let’s move on to the ins and outs of how this all works so that the big picture can be wrapped up for you.
The way the program works is pretty simple. The success so far shows that many people have been able to make it work for them. Basically, your existing lender reworks your current loan to get rid of the ARM, fix the rate and lower the payments. The process is very straight forward and understandable. The two main requirements are that you must get current on your loan and not be more than 30 days behind. You must also list the property as your primary residence.
That covers the basics of how it works and the main requirements. There’s a bit more to it than that but you should now have a good general overview.
Do you see what I mean about the home affordable refinance program being so important to so many people and helping out neighbors and whole communities as well? You now know multiple benefits, how it works and what it’s all about. So get this information in the hands of people who can use it best today.
I’m a loan officer specializing in Obama’s mortgage plan. Click here for a good informational starting point.