Are you shopping for a new South Carolina mortgage refinance? Maybe you are purchasing your first piece of SC real estate or just looking to refinance your newly adjustable rate mortgage into a fixed rate while rates are still low.
You have a plan…so now what do you do?
During his first few months in office, U.S. president Barack Obama formed a plan that would help to counteract the chaotic economic situation that the country is facing and that would help thousands of hard working homeowners stay in their homes and avoid foreclosure. The trillion dollar economic stimulus package of 2009 allows for mortgage refinancing and other tax credits that can save homeowners tons of money each month and over the life of their mortgage notes.
Under this new legislation, homeowners can elect to refinance their existing mortgages. In the economy of today, many homeowners are struggling just to make ends meet once they have paid their monthly mortgage payments, which have oftentimes tripled in the case of some of the adjustable rate mortgages out there. And with fewer people being employed, major layoffs at big companies, and a higher cost of living, these same homeowners may be finding it more difficult to have their income be sufficient to meet the demands of huge mortgage payments and living expenses for their families. These homeowners have a unique opportunity to refinance to a fixed rate mortgage that they can afford while easing the threat of foreclosure or bankruptcy.