I was quite astonished to learn that President Obama was proposing a new program which is designed to help troubled homeowners in America save their homes from foreclosure. This new program would offer some much needed assistance to families like me that are struggling every month to make the mortgage payments on a family home.
For me this program is a big plus because it changes the criteria in which I have to meet in order to qualify for refinancing my home. This means I can get my home refinanced with a lower credit score than what was previously required in the past. One of my favorite parts of this program is that it allows the government to help cover the closing cost which are involved with refinancing my mortgage and cost in the neighborhood of $3000.00.
This makes it even more enticing and affordable because I will not need to come up with any money out of my pocket to get my home refinanced. Coming up with the extra money in order to cover the closing cost has always been a sticking point for me when it comes to refinancing my home. This is why I have never been able to afford to refinance before now.
However, this new program that is being proposed now offers hope to me and others that are stuck in similar situations. After all, refinancing my home should lower the payments making them more affordable every month. It would provide me with a chance to lock in a lower rate instead of the variable rate that I currently have to deal with every month. Like many other Americans I constantly have to worry about the skyrocketing interest rates which tend to make my payments fluctuate and climb higher periodically.
This ultimately makes the payments harder to make each time they go up because my income does not rise to meet the difference. This means I have to cut back on everything else just to try to make ends meet but like most people I can only cut back so much.
After all, money does not grow on trees and the supply typically does not meet the demand when one rises and the other remains constantly the same. However, this new program offers hope that I can refinance my family home which will allow me to keep the American dream of owning a home alive.