Mortgage Relief: Stay Afloat With Low Refi Rates
Source: Informa Research Services
(03/31/2010) Recently, the Obama administration detailed its foreclosure assistance programs as part of its housing relief effort. For homeowners who may not be eligible for these programs, Informa Research Services, a subsidiary of Informa plc (LSE: INF) suggests consumers actively seek online resources to educate themselves and make smart decisions concerning their homes.
The housing relief overhaul consists of four major components, which include a forbearance program, principle reductions, new FHA refinance program, and increased incentives to banks, lenders, and loan servicers. These changes are intended to help responsible homeowners who have been affected by the adverse economic crisis through no fault of their own.
Those who may not be in a situation severe enough to warrant the use of these foreclosure assistance programs or who simply want to lower their monthly mortgage payment should look online to find low refinance rates. Although the national average rate on a 30-year fixed mortgage jumped from 5.11% to 5.22% (Source: Informa Research Services’ Interest Rate Review), there are still many attractive rates being offered. Lenders featured on these rate tables, such as AimLoan.com, frequently offer rates well below the national average.
Becoming familiar with what rates are currently being offered and learning about opportunities to refinance a current home loan will help consumers make a well-educated decision concerning their home.
