President Obamas home affordable refinance program, known as HARP, is designed to help millions of struggling homeowners save a lot of money, their home from being foreclosed on, or both. This government backed program makes it much easier for nearly any struggling homeowner to get a mortgage refinancing. This program has eased many mortgage lenders and banks refinancing restrictions and made it possible for nearly anyone to get home loan help and a low interest rate.

Many homeowners need help and are at risk of losing their home if something does not help them save money on their monthly home loan. Also, many homeowners are feeling the effects of now having a bad credit rating due to late payments, or even missed payments. This combination has made it hard for people, especially if they are struggling financially, to get a beneficial home loan refinancing. As everyone got into a worse financial situation, the banks also tightened up and made it nearly impossible for the average homeowner to get a mortgage refinancing into the record low interest rates that are available now.

Obamas mortgage refinancing program changes that. This program, HARP, is giving money to mortgage lenders and banks who help struggling homeowners get refinancing that is going to help them save a lot of money. Now, the banks and lenders are actually looking for homeowners to help, due to the government incentives they will get for doing so.

Millions of people are eligible to get mortgage refinancing through Obamas home affordable refinance program. Many people already took advantage of this program and are now on the road to financial recovery. However, many more people can still apply and get approved for mortgage refinancing. Homeowners should contact mortgage lenders and banks to see what the specific qualifications for eligibility are. They should call a variety of different places so that they can help ensure they are getting the absolute best home loan available to them.

-M Petrone

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