A thirty year fixed home mortgage refinance is presently priced between 4.750% and 5.250% charging the borrower minimal or no points for a no cash out refinance. The home loan rates fluctuate daily for home refinances depending on market conditions, but haven't deviated from this range since last year.

Each lender has the opportunity to offer their service portfolio a government stimulus refinance plan from the United States Department of Treasury called the "Making Home Affordable" Plan. This home mortgage loan plan allows home mortgage refinance with property valuation from the lender's automated valuation process and also allows underwriting guidelines with a higher debt to income ratio than commonly allowed.

The stimulus refinance program refers to the refinance of 30/20/15/10 year fixed mortgages. Some lenders added the 5/7/10 year ARMs.

This plan is beneficial to property owners who have suffered the loss of a percent of their income and/or devaluation of their property due to general industry conditions. This plan offers assistance to borrowers who have gone delinquent in their monthly house payments.

What the Plan Will Not Allow:

The automated valuation cannot show the dwelling value over 105% of the current loan amount, 110% in certain cases.

The borrower must be employed and cannot have become business owners in the last 2 years.

The refinance must show a benefit to the borrower by dropping interest rate percent and payment or taking the homeowner from an adjustable rate mortgage or pay option ARM to a fixed program.

*Also note the product will not allow a borrower to refinance second mortgages. Second mortgages are subordinated to allow the refinance to proceed.

When refinancing your mortgage, requesting your current mortgage company's version of the "Making Home Affordable" package should be enough to let your lender know the specific program you're interesting in exploring.

The stimulus refinance package pertains to the refinance of 30/20/15/10 year fixed mortgages. Some lenders added the 5/7/10 year adjustable rate mortgages. The mortgage package is basically a streamline refinance, but with the added advantage of no appraisal. In this economic atmosphere of declining market values and rampant job losses, it allows a lower monthly payment and a savings every month..

Government VA and FHA home loans still allow the Interest Rate Reduction Loans with no appraisal except under certain circumstances. Homeowners currently in an FHA or VA loan should use this option because the stimulus plan cannot make the change from a government loan to a conventional conforming program. Government loan rates are comparable to conventional conforming rates. Both translate to substantial savings every month for most refinanced mortgages with rates around 5% from a median 6.5% a year ago.

Paying points will allow an even lower rate, but a borrower should plan to remain in the dwelling long enough to recoup the cost of the buydown. Each point represents 1% of the loan amount. The closing costs may be rolled into the loan and refinanced as well so that no out of pocket charges will be incurred by the homeowner.

Rates for loans less than a 30 year term are less attractive. It appears lenders are more interested in locking in a long term borrower than short term ones. 3, 5 and 7 year ARM loans give no measurable break in interest rate from a 30 year fixed. It is thought a borrower set up their home mortgage refinance on a 30 year term, but make the monthly payment based on the payment for the term they wish.

Contact your current lender for information specific to your mortgage loan.

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