Mortgage refinancing can allow homeowners the chance to get a better interest rate, different terms or conditions, and dramatically effect the amount the monthly mortgage payment is. Many homeowners can save a lot of money, or their home from being lost, by refinancing into a better home loan. Here is how a refinance can help a homeowner.

Mortgage refinancing right now can help a homeowner a lot. That is because mortgage interest rates are currently near all time lows. Mortgage rates are around 5.19% for the average 30 year home loan. That is very much lower than the rate many homeowners currently have. It is nearly half of what the average rate was just 10 years ago. Also, with new Government programs in effect, getting approved or refinancing in all types of bad situations is easier than ever.

The Governments “Making Home Affordable” plan is a mortgage bailout plan which allows all types of struggling homeowners the chance to get a mortgage refinance into a lower monthly payment. This plan is aimed at the millions of homeowners who are facing foreclosure or losing their home to mortgage default. Currently, with the bad housing market, and the worse economy, a lot of people are facing losing their home. This plan will help most of those homeowners, if they just contact a mortgage lender or bank and ask how the plan can help them.

Regardless of what is being said about the lenders and banks tightening their belts, getting help with your mortgage, even if you are financially struggling, is easier than ever. Refinancing to save money is a very popular options these days, and if you can barely afford your home, or are at risk of losing it, you should look into it.

-M Petrone

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