Many people are looking for ways to reduce their expenses and save as much as possible. Mortgage refinancing, especially in 2010, is a very good thing for many people to do. Here are some reasons people should consider refinancing a mortgage in 2010.

-Mortgage Rates are Very Low
As they were for most of 2009, mortgage interest rates are extremely low right now. A standard 30 year fixed rate home loan comes with an interest rate of around 5%. That is half of what mortgage rates were 10 or more years ago. That means many people can dramatically reduce the amount in interest payments they are making. This money adds up to a lot, even if it seems like a small number. This number is multiplied by the months in your home loan and can easily add up to thousands of dollars.

-Mortgage Lenders and Banks are Eager to Help
Despite what many people are saying, mortgage lenders and banks are ready, willing, and able to help nearly any homeowner get into a better and more affordable home loan in 2010. Many homeowners believe that it is hard to get refinancing right now unless your financial situation is perfect, and that is just not true. The only thing that is different these days is the amount of verifications involved with your income, debts, and assets. They are much more thorough but as long as you do not lie on your home loan refinancing application, you will be ok. Plus, many people have already lost, or are going to lose their home. The housing market has left many of these homes worth much less than they were when they were purchased. Mortgage lenders and banks would rather help you with a mortgage refinancing than deal with another foreclosed home.

-President Obamas Stimulus Plan is Still in Effect
With this stimulus plan, millions of homeowners can easily get a mortgage refinancing for themselves that will save them a lot of money, their home from being lost, or both. This is a $75 billion dollar program designed to help struggling homeowners. Many people can take advantage of this program and get a much lower interest rate and better mortgage. This stimulus plan is easy to qualify for and will be in effect for all of 2010. Odds are, if your struggling to make your home loan payments, or have missed some already, this program can help you in some way.

Mortgage refinancing in 2010
is a good thing for many people to do. However, all situations are unique and will require a different approach. Know what you need to do and research as much as you can about it.

-M Petrone

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