Need Lower Monthly Payments for Your Salt Lake City Mortgage?

If you’re a Salt Lake City resident, you’re probably feeling the effects of the recent rough economy. Unemployment rates have increased over the past year (2009-2010), along with foreclosure rates. If you have a mortgage in Salt Lake City, you or someone you know may need lower mortgage payments in order to keep your home! The Making Home Affordable program is a good option to help lower your mortgage payments. The program was put in place by the Obama Administration with the intent of making real estate more affordable. Here are some of the benefits:

• Lenders are able to lower interest rates and increase the term of the loan for more homeowners
• Homeowners enjoy a more affordable monthly payment through loan modification or refinancing
• Lenders feel more confident that payments will be made
• Homeowners can avoid foreclosure!

It’s a win-win situation. There are two parts to the program – you can choose to either modify your mortgage or refinance your mortgage. Certain guidelines apply. To find out if you qualify, visit Quicken Loans for more information.