Chase Mortgage Refinancing and Home Loan Modification Options

Chase Mortgage Refinancing and Home Loan Modification Options
By Michael Petrone

Homeowners may need to get a more affordable mortgage and Chase can help them. Mortgage Refinancing and modification are now easier than ever, even through Chase, due to President Obama's "Making Home Affordable" plan.

This is a $75 billion dollar plan which will help homeowners save money, avoid foreclosure, and stay in their home. Here is how it works, and how to use it with Chase:

Right now, refinancing or home loan modification is easier and more beneficial for a homeowner than it has ever been before. Chase has mortgage professionals and locations across the country dedicated to helping homeowners.

Foreclosures, mortgage defaults, and financial hardships are all problems that can be solved by using the Obama stimulus plan with Chase. Even with Chases reputation and excellent customer service, a homeowner should do their own research prior to applying for a home loan modification or refinancing.

When you finally do apply with Chase, be sure to not quickly throw an application together and hope for the best. The "Making Home Affordable" plan through Chase is only going to be available to homeowners who meet certain requirements.

The key to getting approved and the best deal possible when refinancing, make sure to learn these requirements, and apply them to your life. This is the best way to ensure you are getting the best deal, and will be approved, when refinancing or getting a home loan modification.

Homeowners right now should look into refinancing or mortgage modification with Chase. It has never been easier to save hundreds of dollars per month simply by calling them and asking about President Obama's mortgage stimulus plan. Odds are you will be approved and start saving hundreds next month.

Article Source: http://EzineArticles.com/?expert=Michael_Petrone

Chase Mortgage Refinancing and Home Loan Modification Options

How To Use Obama's Mortgage Stimulus Plan and Refinance a Mortgage

How To Use Obama's Mortgage Stimulus Plan and Refinance a Mortgage
By Michael Petrone

President Barack Obama has enacted a mortgage stimulus plan which will allow millions of homeowners the opportunity to refinance their home mortgage into a 4.5% fixed rate. This "Home Affordability Program" will give homeowners the chance to save hundreds of dollars per month. Here is how:

Currently, there are numerous grants available to homeowners, regardless of their credit rating. This government program is targeted towards people who need short term help. These grants can be used for loan repayments.

There are loan modification programs available to homeowners who are facing "Financial Hardship" this can be, medical bills, loss of income or job, other debts. These loan modification programs will allow homeowner to have a monthly mortgage payment that is no more than 31% of their gross monthly income.

Also, the total amount of all other debts, including mortgage payments, must not exceed 51% of the homeowners gross monthly income.

The Federal Reserve and President Obama would like to see mortgage interest rates locked into a low 4.5% for all current and potential homeowners.

Homeowners can save on the cost of a mortgage counselor by getting free help from HUD appointed mortgage counselors, who act as representatives for you when talking to banks or lenders, for free.

Homeowners who have seen the value of their property fall by 15% or more during this mortgage crisis will be able to refinance into a 4.5% fixed rate home loan. This will help homeowners who have seen their property values drop as the housing market crashed.

President Obama knows that the economy is facing hard times and is trying to help homeowners. The government has set aside over $75 billion dollars to help homeowners refinance their mortgage. Home foreclosures are on the rise and home prices are falling. This mortgage stimulus plan will help to stabilize the housing market and with that, home prices will start to rise. Refinancing a home mortgage the right way will save you a lot of money, especially with this "Home Affordability Plan" from Obama. Take advantage of this great chance and speak with a mortgage lender or bank.

Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn how to properly refinancing a home mortgage and walk away happy and with more money.

Article Source: http://EzineArticles.com/?expert=Michael_Petrone

How To Use Obama's Mortgage Stimulus Plan and Refinance a Mortgage

Economic Stimulus Package 2009 - How Will Obama's New Stimulus Package Affect Your Mortgage

Economic Stimulus Package 2009 - How Will Obama's New Stimulus Package Affect Your Mortgage
By Eric Banks

President Barack Obama is all set to balance out the chaos happening in the US economy. In order to stop the rapid flow of foreclosures, bankruptcies and losses to the financial institutions the new Stimulus Package has been announced with a budget of $ 1 trillion. The Economic Stimulus Package 2009 shall give you help in the form of loans, tax credits and grants. It is based on the keywords like 'affordability' & 'loan modification.'

It has come in with a major impact on your mortgage & home ownership deals. Now all those home owners who are having sleepless nights in the fear of a foreclosure might take a sigh of relief. You can now apply for a loan modification quite easily and enjoy a lower rate interest.

Will Obama's 2009 New Stimulus Package Affect your Mortgage:

· Earlier only those home owners who had 20% equity in the home, could apply for the loan modification. Now that is not the criteria. Now if the mortgage amount is more than 105% of the current value of the home, the home owner can apply for a loan modification.

· The loans owned or modified by Fannie Mae & Freddie Mac are all eligible for the loan modification.

· There is a ceiling levied on the mortgage amounts. The new modified mortgage monthly payments can not exceed 31% of the gross monthly income of the borrower currently.

· The loan modifications are done at the lower rates of interest. From 6.5% it has reduced to 5.16%.

· The home owners can shift from the variable rates of interest and ARM (Adjustable Rate Mortgage) to the fixed rate of interest.

· You can now opt for long term loans like 20 years or 30 years.

To know more about Loan Modification Programs and to check if you qualify

President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure

Article Source: http://EzineArticles.com/?expert=Eric_Banks
Economic Stimulus Package 2009 - How Will Obama's New Stimulus Package Affect Your Mortgage

President Barack Obama's Mortgage Modification Or Refinance Stimulus Plan

President Barack Obama's Mortgage Modification Or Refinance Stimulus Plan
By Michael Petrone

President Barack Obama is well aware that the current economic situation in the country leaves a lot of homeowners struggling. Housing prices have crashed and the all time high number of foreclosures does not help that at all, lowering surrounding homes values by as much as 9%.

Home and property values have dropped so far that many homeowners now owe more on their mortgage than their home is actually worth. Due to these problems, the Obama administration has introduced the housing and homeowner stimulus plan. This plan was announced in February and has started this month.

Most people no longer have 20% equity in their homes, which is typically required for traditional mortgage refinancing, due to the dropping home prices.

The stimulus plan from President Obama is going to make it easier for homeowners to modify or refinance their current home mortgage and have more manageable monthly payments and avoid a possible foreclosure. The goal of this home mortgage stimulus plan is to help over 5 million homeowners stay in their homes and avoid foreclosure or defaulting on their loan.

This is done by giving incentives to mortgage lenders to use their new guidelines for approving a mortgage refinance. So with more incentives and less risk to mortgage lenders are going to be more flexible on who can refinance, how much they can save, and finding financially affordable monthly mortgage payments.

Homeowners looking to refinance or modify their current mortgages will get their loans restructured by mortgage lenders. With this plan, the maximum allowable monthly mortgage payment can not exceed 38% of the homeowners gross monthly income.

Mortgage lenders will also get a dollars for dollar incentive from the government to further lower the monthly payments to 31% of the homeowners gross monthly income. This is great news for a lot of homeowners who are out of work or just struggling to make their monthly mortgage payment. A lot of homeowners currently pay 40% or even 50% of their income towards their mortgage. A 20% reduction would add up to a lot of saved money every month.

The Treasury of the United States has an exact series of guidelines for mortgage lenders and banks to complete when refinancing or modifying a home mortgage loan.

In the past for example, mortgage loans have been refinanced or modified by adding on missed payments to the loans principal which basically did nothing to reduce the monthly payment. The housing mortgage refinance stimulus plan announced by Obama will mean a great amount of savings for millions of homeowners.

Article Source: http://EzineArticles.com/?expert=Michael_Petrone
President Barack Obama's Mortgage Modification Or Refinance Stimulus Plan