Should I Refinance? Obama Says Yes.
Lisa | Apr 10, 2009 | Comments 4
If you’re on the fence about taking the refinancing plunge, you should investigate now. The US Government is giving the real estate market a kick-start, and the time could be right. For more details about it, you can read Jeffery’s article “Mortgage Rates Hit Record Lows,” posted in January at Queercents.
Making Homes Affordable - the US government estimates that 8 million Americans are eligible for government mortgage programs. Are you one of them?
Turns out I’m not. But I may refinance. I’m at 5.875 and mortgages are below 5% right now. Obama says 7-8 million Americans can benefit from refinancing right now.
Pinyo over at Moolonamy offers some great advice on the pros and cons of refinancing.
Here’s a great refinance calculator to see if it makes sense dollar-wise. Here’s a second one should you not like the first.
And finally, if you need some help clearing up your credit, first check out the US government’s National Foundation for Credit Counseling.
On a side not, if you’re a first-time home buyer you may want to “Take Advantage of the $8000 First Time Home Buyer Credit.”
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Filed Under: Economy • Mortgages • Personal Finance • Real Estate
Linda
The Passive Dad
J. Money
Matt
Mr. GoTo
A lot of people may be eligible under the program, but as of right now a lot of the banks still don’t really understand the program, or aren’t fully implementing it. Hopefully they’ll get their acts together so that those of us who are eligible to refinance will be able to!
@Pete - I fell lucky. There’s a few local banks here that seem to be solid, and they’re offering pretty good rates. One has 4.25% for a 10 yr fixed with only $2500 in total closing costs that we’re thinking about. The payments would be fine, as long as neither of us gets laid off. But if one of us does, it would be really tight. So we are just mulling it over right now.