REFINANCE » Refinance Your Mortgage

President Barack Obama is set to announce a new mortgage refinance program on Wednesday that aims to help borrowers take advantage of historically low interest rates. The program is said to expand on previous attempts at refinancing for troubled borrowers and will grant more homeowners eligibility.

Obama Refinance Program to Help Troubled Homeowners

A new home refinance program was proposed during President Barack Obama‘s State of the Union address on Tuesday night that would impact borrowers with privately-held mortgages. The program was among many economic topics addressed in the speech, including income and tax equality, payroll tax cuts and the need for a united Congress.

Home Refinance Program to Lower Interest Rates

With today’s historically low mortgage rates, many homeowners are refinancing their mortgages to save on monthly payments or pay off their homes faster. However, even though average home loan rates are near record lows, not every lender offers competitive interest rates. That’s why when you are looking for a lender to refinance your mortgage, choosing Quicken Loans will ensure you are guided to the best possible decision to save you money today and tomorrow.

The Rate Drop Advantage

Funds used for refinancing home mortgages were less available in the minority sections of major U.S. cities than in predominantly white areas after the recent housing crash, according to a new study released on Thursday. The study, compiled by a coalition of nonprofit groups across the country, revealed that refinancing in minority areas has decreased since the recession.

Mortgage Refinancing Drops 17 Percent in Minority Areas

Many homeowners seeking to reduce their mortgage payments have looked into mortgage refinance options, especially since, for the most part, mortgage interest rates have been much lower than in previous years.

However, a number of the same homeowners have been surprised to learn that after applying to refinance they have been turned down. What could contribute to a lender’s decision to deny a refinance? Even more importantly, what can you do if you are among the homeowners who have been turned down?

Photo Credit: James Thompson

A fixed rate second mortgage is a subordinate home loan that is secured against your property with a fixed interest rate. Having a second mortgage means that should you default on your loan, your first mortgage would have priority and would be paid before any funds go toward the second mortgage.

Taking out a second mortgage is different from refinancing a current home loan. Refinancing means you have replaced your primary mortgage with a different primary mortgage. A second mortgage is a separate obligation in addition to your original loan that uses your home as collateral.

This post comes from Michael, chief editor of DoughRoller.net, which helps consumers find the best online banks available today.

Refinancing refers to replacing existing debt with a new debt obligation structured under different terms. The most common consumer refinancing is for a home mortgage. As home prices have continued to fall, many homeowners have turned to mortgage refinancing to receive more favorable rates on their loans.

To ensure that you get the best home refinancing rate on your new mortgage it is important that you shop around. Remember every financial institution is able to take advantage of the lowered rates as it is backed by a Federal cut, not an independent promotion. Although you should expect to pay anywhere from 2%-3% of the total loan value in closing  fees, by doing your research you can cost your expenses.

For Example: Consider Janice, a first time condo shopper in the L.A. market. She bought her new home in August of 2008 and decided to take advantage of the low refinancing rates that were available. On the advice of her accountant she worked diligently to secure a loan where the fees would be repaid back by her savings in under two years.

If you’re looking to save some money on monthly bills, you should consider a mortgage refinancing. Refinancing can be an especially good idea if you find yourself out of a job or if you’re one of millions who bought a home they couldn’t afford.

Let’s look at some refinancing options.

People are spending less, saving more and always on the lookout for ways to cut costs or take advantage of offers and opportunities that could help them save or earn even more money. One of the common ways to do this is by paying less on home mortgage rates.

Many homeowners are trying to create a stronger financial situation is by refinancing mortgage loans and a popular way to refinance is through no-appraisal refinancing.