Mortgage Refinance Plans May Just Be Your Last Hope!Article Posted by Expert Author: adminrhmg adminrhmg on 03/04/2013
Everyone dreams of owning a home all of their own. But the current economic conditions aren’t really conducive to this dream. But thanks to the current mortgage refinance program introduced by the government, chances are that you may not lose your dream house just yet. This is why refinance activity has increased ten-fold in the last few months. Mortgage refinance share is at its highest level since 2009 and applications for purchase of property are also increasing steadily.
The stats clearly depict the excitement of consumers over the mortgage refinance rules. In fact, according to some estimates, out of America’s total mortgage application, 84 percent have already applied for a refinancing. And nearly 97 percent of these refinancing are those of fixed-rate mortgages. This is a good thing for the housing market as well as the economy, as the mortgage rates are being driven down steadily. The government’s refinancing program is rumored to also start considering the borrowers who are already underwater i.e. they owe a lot more than the actual worth of their homes. There is also a proposal to transfer the possibly riskier privately held loans to government sponsored mortgage entities i.e. Freddie Mae and Freddie Mac. This just may be the once in a lifetime opportunity for everyone to turn their home ownership dreams into reality.
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