1. The federal making home affordable program is one of the most popular programs that has been
introduced by the Obama administration. It has really helped millions of homeowners from the
scourge of foreclosures by helping them re-afford the mortgage loans by lowering the monthly
installments. The making home affordable programs namely home affordable modification
program and home affordable refinance program were aimed at helping those homeowners that
were facing problems in repaying the mortgage loan or had already delayed in their mortgage
loan payments.
The federal making home affordable program was a great way to ensure that the cases of
foreclosure were brought down to the minimum so that the housing market could once again be
made stable. If a homeowner really wanted to reap benefit out of the making home affordable
programs it was essential to first find out the home mortgage refinance rates and then compare
them to get an idea about the best federal mortgage refinance or modification loan. Both the
programs helped homeowners but there was a slight variation in the type of audience selected
for the making home affordable programs.
The refinance home loan catered to all the homeowners who were current on their payments but
could foresee a difficult future as the mortgage loan and other financial obligations were
becoming difficult to be repaid. The homeowners had to be updated on their first refinance
mortgage loan in order to qualify for the refinance home loan. However, as per the home
affordable modification program only those homeowners could qualify that had already delayed
on the home loan or defaulted on the mortgage loan and were under debt. Defaulters could
stabilize their situation by opting for the federal mortgage refinance loan.
The best time to opt for the making home affordable programs were when the home mortgage
refinance rates was at an all time low so that proper benefits could be reaped out of the
mortgage loan by the homeowners. Lower interest meant lower monthly installments thus
making the federal making home affordable program the most beneficial both for the
homeowners and for the mortgage loan lenders.