One Commonly Overlooked Refinance Program

Still unknown to many, this little-known program called the Enhanced Relief Refinance Mortgage (ERRM) could benefit millions of Americans and reduce their mortgage payments by as much as $3,500 per year.

The aim of this government initiative is to lower your rates, putting more disposable income in your pocket. The program is set to expire in 2020 but the good news though is that once you qualify, you’re in. If reducing your payments, paying off your mortgage, and even taking extra cash out would help you, it’s important you act now.

Putting Money Back Into The Middle Class Did you know if your mortgage is less than $625,000, your chances of qualifying for ERRM could be high. The Government wants the banks to cut your rates, which puts more money in your pocket, ultimately boosting the economy.

But the banks are not happy about this. Here’s why:

• The free program makes it easier to qualify for lower mortgage rates
• You have the option to shop lenders other than your current mortgage holder
• Banks do not like the above. They’d rather make more money by keeping you at the higher rate you financed at years ago.

The average monthly savings is $290. That comes out to $3,500 per year.

On top of the savings, many homeowners could pay off their mortgage faster. Homeowners can even take cash out for home improvements, pay off debt, or pay for their children’s education.

Where Do I Start? With hundreds of mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote. The good news is that there are services that could help you save time and money by comparing multiple lenders at once.