If you owe more money to your mortgage lender than your home is worth, you are “underwater,” a term used to describe your unfortunate situation. President Obama has announced the expansion of a program that aims to help underwater homeowners refinance their mortgages to lower rates so that homeowners who owe more than 25 percent of the value of their home are eligible.
The program is called the Making Home Affordable plan and the change comes after a report revealing that the program has not yet reached enough of the people that it was trying to help in the first place. …read more

The word is that even if you aren’t buying a home, now is a good time to refinance. There are government programs designed to help people refinance, and mortgage interest rates are the lowest they’ve been in a looong time. With some mortgage interest rates at 4.65% (15-year fixed at my local credit union), it really does seem like now is the time to lock in the savings that come with refinancing to a lower rate. But, as with all financial decisions, you need to be careful. There are some refinancing fees that you need to watch out for.
Refinancing fees …read more

One of the ways that some mortgage lenders are trying to comply with the president’s foreclosure prevention plan is by offering no appraisal refinancing.

Contrary to popular belief, the President’s foreclosure prevention plan isn’t just designed to help “losers.” Indeed, in addition to loan modification for those who had an affordable mortgage to begin with, there is help in there for those of use who have stood helplessly by while home values dropped. In order to take advantage of some of the amazing refinancing rates available right now, under the new plan, here is what is required:

Less than 20% equity in your home.
Owe no more than 5% of what your home is worth.
Be making your mortgage payments on time.
Have good credit.
Have a loan serviced …read more

Countrywide Financial Corp. is a giant in the mortgage-lending business. The company, in fact, originates more mortgage loans than does any other. So when Countrywide on Oct. 23 announced that it would take extra steps to help borrowers who are facing serious jumps in the interest rates on their mortgage loans, it’s a big deal.