When Obama's Making Home Affordable Plan Expires, Plus 3 Little Known Facts About Refinancing

Winston, OR (PressExposure) May 06, 2009 -- When Does the MHA Program End?

The Home Affordable Refinancing Plan ends on June 10th, 2010. This means the entire process - from the closing of the loan to the actual funding of it - has to be completed by no later than that date. Obviously, this information will become more and more important as the time gets nearer. It'll need to be taken into account when deciding if or when to take advantage of the program.

3 Helpful, But Little Known Facts

1. Even if you get approved for refinancing under the new plan -- it doesn't necessarily mean you'd be better off. As always, "the devil is in the details". You'll still need to compare interest rates, the monthly payment, and the total amount you'd pay over the full term of the new loan. This is very easy to do with a mortgage calculator.

2. Unlike the loan modification side of the MHA plan, you will NOT be able to refinance if you are behind on your mortgage payments. Even if you are current when you apply, if you've been behind on your payments - by 30 days or more - more than ONCE in the past 12 months ... you will not qualify. (That's when you would look into getting your loan modified under the plan instead)

3. Under no circumstances will refinancing under the Obama plan reduce the principal balance of the loan. You can, however, save money if you can lower interest rates.

I hope these facts are helpful as you consider the best options for your situation. The best advice anyone can receive is to do their due diligence, and weigh all the facts before making any decisions.

About Better Living Marketing

Better Living Marketing has several free resources and tools to help homeowners find ways to make good decisions and stay in their home.

One great tool is the free '20 calculators in 1' mortgage calculator which can be used to compare loan offers from different lenders. It helps determine the affordability of a loan, or compare lender offers side by side before making a commitment. They can even find out, based on calculations if they'd be better off buying or renting. They can use the calculator here at: [http://www.betterlivingmarketing.com]

They can also get access to Bank-Ready Forms which are ideal for any "do-it-yourselfer" who wants to apply for a loan refinance or modification at minimal cost They're easy "fill in the blank" Word documents - complete with instructions - and - with the free resources - the Bank-Ready Forms are probably all a person really needs. They can get access to them at: [http://www.betterlivingmarketing.com]

Press Release Source: http://PressExposure.com/PR/Better_Living_Marketing.html

Press Release Submitted On: May 05, 2009 at 1:42 am
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