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Homeowners with mortgages with Ditech (GMAC) must use President Obama’s stimulus plan to obtain a refinance or home loan modification. Obama’s “Making Homes Affordable” plan would give homeowners a chance to get a lower 4.5% fixed rate through refinancing or mortgage modification.
Homeowners everywhere are now eligible to access the scheme even if they were previously turned down by DTech. Guidelines from Obama’s stimulus plan offer cash incentives to mortgage lenders, such as DTech, to reduce their risks and allow them to approve more applications. Lakhs of landlords can use this scheme, here are some more details.
The house to be refinanced should be the primary residence of the original home owner. The scheme will not help people with their vacations, second or rental properties.
Mortgage interest rates could be as low as 2% due to the requirement for mortgage lenders and banks to meet the scheme’s guidelines. One of these guidelines is that a homeowner, after a loan modification, should pay no more than 31% of his gross monthly income towards his home loan each month. To do this, interest rates can be reduced to 2%.
-The mortgages can be refinanced or modified over 20, 30, or even 40 years to meet the requirements of Obama’s plan.
Homeowners everywhere can use this plan to their advantage and get more affordable monthly mortgage payments through loan modification or refinance, When a homeowner uses a mortgage lender with a reputation, size and experience like Ditech’s, they can rest assured that they are dealing with the best in the industry. By taking a moment to talk to Ditech, millions of homeowners could easily save themselves a few hundred dollars per month. Start saving now and take action.
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