Bush administration has announced another plan to offer help to the delinquent homeowners. It is expected that over a million of homeowner will face foreclosure during this year. This is not a government project. Six major lenders have agreed to delay foreclosure for 30 days. They are Bank of America, Citigouup, Countrywide Financial, JPMorgan Chase, Washington Mutual and Wells Fargo. In this project, Banks will target the delinquent borrowers to get up to date with loan modification so that they can avoid foreclosure.

But housing advocates and mortgage experts are a bit skeptical on this project Lifeline. They think this is too little when more than a million of homeowners are going to face foreclosure in this year. But the fact is, a recent survey shows that half of the foreclosure faced in the October, 2007, no contacts have been made between the homeowners and the lenders. So this project gives a chance to the homeowner to get up to date on his mortgage and avoid foreclosure.

Today I have come across a home loan related site Easyhousemortgage.com. They are providing huge information on how people can get home loan quickly. They have written some good articles on some important topics like Home Mortgage, Home Equity Loans, Mortgage Approval, Mortgage Banks, Line Of Credit, Debt Consolidation Loans, and Mortgage Broker.

You also can get some useful articles on Mortgage Loan Types, Home Mortgage Interest, FHA Loans, Home Improvement Loans, No Doc Home Loans, No Down Payment Loans, Jumbo Mortgage, Reverse Home Mortgage, Balloon Mortgage, Variable Home Mortgage and Second Mortgage.

On the home page of this site you will get very useful advice on how to protect your investments. They are giving some good information on mortgage frauds and how to prevent it. They are also mentioning “The most common way to do this is to lie or intentionally misrepresent the items written on the independent mortgage advice application thus charging the consumer less than they should for the loan, and robbing the lender of their income.”

Easyhousemortgage is a very useful site for the people who are willing to get a home loan. Hope you too will like this site.

President George W. Bush has signed a160 billion dollar Economic Stimulus Bill into law on 13th Feb, 2008 to ward off a possible economic collapse. Under this Economic Stimulus package, individuals who earn 75k dollars or less will get 600 dollar tax rebate and working couples who earn less than 150k dollars or less, will get 1200 dollar tax rebate. For each child, there will be additional 300 dollar rebate.

Under the package, the limits of conforming loans insured by Government-sponsored entities, Fannie Mae and Freddie Mac, will be increased from 417k dollars to 729,750 dollars, though the limit will vary depending upon how expensive the area is.

The Bill also has provisions for small businesses. Small investors will also get tax break which has been increased from 125k dollar to 250k dollars.

[tags]economic stimulus bill, tax rebate, conforming loan limit[/tags]

Mortgage rates are down and long-term mortgage rates are at the lowest level compared to that of the past 4 years. Even short term rates may go down soon. So it is the best time to refinance your mortgage to get a lower interest rate.

However, it actually depends upon the borrowers’ equity that they have, credit score, present loan terms etc. They will have to think whether they can benefit from the refinance even after paying pre-payment penalty and closing costs.

Borrowers having loan amount more than $417,000, will not extract much benefit as interest rates on jumbo loans are still hovering around 6.5 percent. But no doubt rates are down to a great extent. So, if a borrower has only taken the mortgage 2 or 3 years ago with a higher interest rate, they can think of refinancing their mortgages and converting them to 30 year fixed loans with a lower rate.