Refinance with 125% Loan-to-Value - Will it Help You? »

Posted By ChangeToday 5 months, 2 weeks ago in News

Signs advertising open homes are displayed on a street corner July 24, 2008 in Fairfax, California. According to a report by The National Association of Realtors, sales of existing homes slumped 2.6 percent for the month of June, 15.5 percent lower than last year. (Photo by Justin Sullivan/Getty Images)

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Last week, President Obama announced a major change to the Making Home Affordable Refinance Plan. In the initial plan that came out in March, those with a 105% loan-to-value could refinance; not necessarily at the extremely low mortgage rates , but they could refinance. Now that the housing market does not seem to be getting much better, the refinance plan has been extended to 125% loan-to-value. You could be have 25% negative equity in your home and still have the opportunity to refinance. This has never been the case in the history of the United States housing market.

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