The Obama Administration has released the October Housing Scorecard, which has suggested that while recovery of the economy may be slow, there are some improvements that are being made. One area that is being focused on is refinancing opportunities and low interest rates on home loans, which has helped numerous homeowners find a more affordable mortgage payment and avoid difficulties on their home loan.
Interest rates on home loans do still remain low and, on common mortgages like a 30-year fixed rate mortgage, homeowners are still seeing affordability when they refinance. Obviously, homeowners who can afford the costs that come with refinancing and have a good credit score have been able to benefit from refinancing opportunities due to these affordable interest rates that are being offered.
While not every homeowner may qualify for a lower interest rate on their home loan, there have been various refinancing opportunities available to homeowners who have either been offered lower monthly mortgage payments or the opportunity to lock in a lower overall mortgage payment cost. Homeowners who choose longer options like the 30-year fixed mortgage have usually found that when a lower mortgage interest rate is available, they can reduce the amount of money they owe from month to month, but one drawback is they may see higher overall costs.
Homeowners who are struggling with their personal finances have, in most cases, been happy to simply receive a lower monthly payment, but there have been refinancing plans on 15-year fixed and 20-year fixed mortgages which have allowed homeowners to set themselves on a path to erase their mortgage debt faster.
Again, homeowners who have benefited from refinancing have typically been those who had a good credit score, equity in their home, and could afford the costs associated with refinancing. While not all homeowners have been able to refinance their home loan, reports indicate that there are still low interest opportunities available on mortgages that have been aiding homeowners who are seeking a lower payment on their mortgage at the present time.