If you missed the low rates a few months ago, get your refi application in now. Last week’s Fed announcement that it would buy even more mortgage-backed securities promptly drove rates on 30-year fixed-rate loans below 5%. (For current rates from major lenders, click HERE.)
That’s great news for folks who still have good credit, a job and some equity in their properties.
If you’re struggling, though, you may find help via a new government Web site that explains the new Making Home Affordable programs.
You’ll find simple quizzes to help you decide if you may be eligible for Home Affordable Refinancing (which can help those who have too little equity to qualify for regular refinancing) or Home Affordable Modification, which can help you keep your home if your payments are too high.
You’ll also find links to HUD-approved housing counselors, checklists to help you get organized and resources to consult for more help.
You may also want to read:
- Refi’ing with a HELOC? Bird-dog your lenders
- When to walk away from a mortgage
- Facing foreclosure? 9 options
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