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Lets call it a turnaround! Market factors seem to be easing the 30-year fixed rate mortgages and are back down to 4.5 percent. These new figures are due to rates finally moving upward, after a month-long run of sliding performance. This comes after news from leading economists that the recession is over. It is time to do some homework, get out your mortgage package and take notes. Even if you have no equity left you still might qualify. The programs you need to check out are the Fannie Mae Refinance Plus and Freddie Mac’s Relief Refinance modification packages. The criteria is if your home value has dropped to 80 percent of the amount of your loan. There are other factors of getting approved but if you are not one of the 9.8 percent of Americans unemployed, then you have a good chance. Let us look at the refinancing goals of both programs:

Fannie Mae Refinance Plus
The goal is to provide access to low-cost refinancing for responsible homeowners due to falling home prices. By refinancing a Fannie Mae loan will give responsible borrowers a better chance in reducing their principal. Then they are able to move interest payments from risky loan structures to secure mortgage products.

Freddie Mac’s Relief Refinance
The goal of the federal Home Affordable Refinance, is to provide greater availability with two options which can help borrowers who are making timely mortgage payments but due to outside variables have not been able to refinance due to declining property values.

Even though agencies and companies are providing a proactive approach to fixing this problem, you still need to do the groundwork. When you are doing your homework, remember that you should think about the big picture and that a initial cost of refinancing can save you a lot of money in the long term. Making sure your budgeting and finances are in order is always important. Contact us for help with your credit spa health to ensure you quality for the best rate on your loan.

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