Mortgage refinancing right now is more beneficial, and easier to get, than ever before. That is because right now mortgage interest rates are near all time lows, and President Obamas stimulus plan is in full effect. Between the low rates, and the stimulus plan, nearly any homeowner will find a mortgage refinance that will save them money, their home from being lost, or both. Here are some reasons that refinancing a home mortgage right now can be a great move to make.

While mortgage refinancing has always been beneficial for some homeowners, right now, more people than ever before will benefit from it. That is because the housing market and overall economy are struggling. While that sounds bad, it is actually good for people who want to refinance a mortgage. Due to the bad economy and housing market, mortgage rates have been lowered to near all time lows, and President Obama has enacted a new stimulus plan designed to assist millions of people get a mortgage refinancing. This stimulus plan makes it easy for people who have a bad credit rating, no equity in their home, or who are facing financial hardships to get approved for a mortgage refinance that will save them money, their home from being lost, or both. The Obama stimulus is also helping keep mortgage interest rates near all time lows, which is great news for many people and the key to saving money when refinancing.

Another good reason to get a home mortgage refinancing now is the fact that many mortgage lenders and banks have eased their restrictions on who qualifies for mortgage refinancing. This is because of the extremely large amount of struggling homeowners who exist that would not be able to find financial relief through refinancing if the lenders or banks old restrictions and requirements were in place. Since so many foreclosures and mortgage defaults are taking place, lenders and banks do not want to carry more “Lost” home inventory. Instead, they are much more likely to assist homeowners, even in bad situations, than let them lose their home. Also, when they help a homeowner get a mortgage refinancing that follows Obamas stimulus plan guidelines, they get cash incentives. These incentives allow them to help more people than ever before, with less risk to their finances.

Mortgage refinancing will always be a good thing for some people to do. However, right now, millions of people would benefit a lot from getting a home loan refinance with the low interest rates that are available. People are actually encouraged to take action and get themselves into a better financial situation. Do not let your home be lost to foreclosure or default. No matter what your situation is, contact a mortgage lender or bank today and see how mortgage refinancing can help you.

-M Petrone

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