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Mortgage Refinancing Backed by the Obama Administration

Are you frustrated that you’re not able to take advantage of today’s best mortgage refinance rates because you’re underwater in your existing home loan or don’t have the credit score to qualify? Never fear, relief could be on the horizon from the Obama Administration, which is considering backing mortgage refinancing for millions of homeowners in an attempt to bolster our flailing economy. Here’s an article on CNBC.com with more details:

One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information.

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There are steps you can take if your credit is holding you back from today’s lowest refinance rates. Start by checking your credit reports for errors and the credit bureaus responsible for maintaining these records are sloppy and don’t always share information. Visit the website annualcreditreport.com and print out all three of your credit reports from Equifax, Experian and TransUnion. If you find mistakes, you’ll need to dispute the errors with each agency. Avoid opening new credit accounts prior to applying for mortgage refinancing and consider existing government programs through the FHA and VA to qualify.

You can learn more about taking advantage of today’s best refinance rates without paying junk fees or unnecessary markup by checking out my free Underground Mortgage Videos.

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