Homeowners do not wait any longer to refinance your mortgage. Right now there are new Government programs which will help all homeowners get a more affordable home loan through refinancing or mortgage modification. Also, mortgage rates are now near their all time lows, which makes even more homeowners able to benefit from refinancing. Here is why you need to take action now, and not wait anymore.

The economy and housing market are in bad shape. Mortgage lenders and banks are facing a record number of foreclosures. With a bad housing market, many of these foreclosures will not generate any profit for the lender or bank. Instead of piling up on the foreclosures, they are now much more likely to help all homeowners avoid losing their home, and approve them for a refinance or modification. Also, new Government programs actually give money to mortgage lenders and banks who approve homeowners. For these reasons, getting a refinance or home loan modification right now is probably a better time than there will be.

These programs and low interest rates are there because homeowners need help. If the housing market was in great shape, and homeowners did not need help, the low rates and stimulus programs would not be in place. There are an estimated 8 million homeowners facing the reality that if they do not take action, there home will be lost. That is why the Government stimulus exists. If it was not for the millions in need of help, there would be no help.

The absolute best thing a homeowner in trouble can do is at least look into the options a refinancing or mortgage modification offer them. You owe it to yourself and the future of your home to exhaust these possible options before giving up your home. Especially these days with all the help that is available. If you have managed to make it this far, through a really tough economy and declining housing market, you will most likely be able to manage a way out. Help, or mortgage rates, like this were not available just a year ago. Do something about your problem and take action now before it is too late.

-M Petrone

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