The nation’s fourth largest bank, Wells Fargo, is offering its financial services to help underwater homeowners to refinance and avoid foreclosure. The bank is helping homeowners take advantage of the Making Home Affordable program. As mortgage rates continue to rise, many homeowners are making sure to get the lowest rates possible.
The Obama administration put the Making Home Affordable program in place last year in an effort to stem to the overwhelming tide of foreclosures due to occur this year. Thus far, results have been mixed.
Wells Fargo has seen the number of applicants to the Making Home Affordable program increase nearly 40 percent. These homeowners have received either permanent modification of their mortgage loans or a trial loan modification.
The program is designed to help homeowners who are behind on the mortgage payments or can’t feasibly maintain payments and feed themselves. Many banks are participating. Yesterday marked the end of the five-day “Save-a’-thon” in West Palm Beach. The event enabled homeowners to apply for loan modification and receive immediate response.
For homeowners to qualify for refinancing under Wells Fargo’s terms, they need to bring a letter of hardship, a detailed list of expenses, loans, and bills as well as proof of all household income.
Today’s Mortgage Rates at a Glance
According to Wells Fargo, today’s 30-year fixed- rate mortgage is at 4.87 percent. The 15-year fixed-rate average is 4.25 percent and the 5-year ARM is at 3.75 percent. The 30-year fixed rate average is up from yesterday’s 4.79 percent; the 15-year and 5-year ARM average has also risen from 4.19 percent and 3.59 percent respectively.
Written by Lani Shadduck
HULIQ.com
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