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Are you struggling each and every month to make a huge mortgage payment? Do you have very little money left after paying your mortgage payment? Do you find it hard to buy the basic necessities for your household after paying your mortgage payment each month? If so, then there is good news coming your way. Barack Obama recently passed important and valuable legislation for homeowners which will allow you as a home owner with a mortgage to refinance your existing mortgage to better terms. In fact, most mortgages written under the Obama legislation are at a low 30 year fixed rate 4.5%.With the economy in a horrible estate you may be among the homeowners who own an adjustable rate mortgage (ARM). An adjustable rate mortgage was the most popular type of mortgage that was issued during the subprime mortgage boom. Now those who are holding adjustable rate mortgages have been shocked to learn that the payments that they are forced to pay each month often increase to double or triple what they had originally been paying. It is not uncommon to hear of homeowners who would have, just 5 years ago been paying $700 on their adjustable rate mortgage, only to find that their mortgage has readjusted and that they now must pay $2100 a month.Luckily those homeowners can refinance to a fixed rate lone that will not only feature a lower monthly payment that they can better afford but will also be a payment that will not increase or decrease in the future. And since these new mortgages are written at low rates of interest homeowners will be paying more towards the principle balance owed each month with means they will pay their homes off sooner.Preparing To Apply For The Bailout ProgramBecause your credit rating is important when you go to refinance your home, make sure that your credit report accurately reflects your true credit history and past credit performance. All consumers have the option of obtaining their credit report once each year at no charge from all three credit report bureaus that are doing business in the United States (Experian, Equifax, and Trans Union). If you do find an item on your credit report that you do not recognize be certain to let the credit reporting bureau holding your credit report know of the mistake and demand that they fix this immediately.Online Mortgage Options For The Government BailoutIt is important that you have some equity in your existing mortgage before qualifying for a mortgage refinance under the new legislation. This means that you must not owe more than your home is worth based on current market values. Finding out if you qualify for the new legislation may be as simple as checking with qualified lenders in your area or a host of qualified lenders that can be found online. Online lenders will offer you the ease of an online application process that is streamlined for this government bailout program as well as faster approval and reduced closing costs.
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