Let us examine a few of the common myths surrounding President Obama’s new housing plan – Making Home Affordable. To find out if you qualify for the Making Home Affordable plan, go to http://makinghomeaffordable.gov or call a Home Loan Expert now at (888) 724-7402.

Myth: Everyone can qualify for a loan modification – regardless of their ability to pay their existing mortgage or their previous pay history.

Fact: Loan modifications are intended to prevent foreclosures for borrowers who are in default or are in imminent danger of default. If you qualify for a refinance now, you will NOT qualify for a loan modification – and pretty much any good loan modification attorney can tell you that.. There are very specific, stringent guidelines you must meet in order to qualify for a loan modification under the plan. A homeowner must prove financial hardship due to job loss, change in income, mounting debt, adjusting interest rate, etc. An official document must be signed certifying you can no longer afford your mortgage payment.

Myth: The government is able to drive interest rates lower in the future to help all borrowers.

Fact: The government has been attempting to drive rates down for the past three months. Though the Federal Reserve has been continually lowering the Fed Funds rate, this action or other action by the government cannot completely control the markets that determine mortgage interest rates. Rates can go up or down on a daily basis with little to no warning. What we do know now is that mortgage rates are historically low and homeowners are advised not to wait. To find out what mortgage rate you qualify for, call (888) 724-7402.

Myth: The refinance program will provide additional relief for those who can qualify for a refinance now.

Fact: This plan addresses the needs of those who currently cannot qualify for a refinance under traditional guidelines, because they either don’t have enough equity or because of a credit issues. If you already qualify for a refinance under traditional guidelines, there is nothing in the program that is of added benefit to you. However, if you cannot qualify under traditional guidelines because your loan-to-value is in the 97-105% range or because of a low credit score, this program may help you refinance. The Canto Team is set up to help you with the plan’s new refinance program – the DU Refi Plus, which allows up to 105% LTV (loan-to-value). If you’re not sure how much equity you have or what you qualify for, call a Home Loan Expert now at (888) 724-7402 to find out.

Myth: Servicers will be able to quickly modify or refinance loans; you must work with your servicer to refinance.

Fact: We may be able to help you now. There’s been a lot of consolidation in the mortgage industry, and many of the large servicers do not have the bandwidth to handle the massive volume of calls. Many servicers only service loans; they do not have the resources or technology to refinance loans. If you call us, we’ll walk you through each option and help you make the best financial decision for your situation.

At The Canto Team, our goal is to make sure you’re always in the best mortgage for your financial situation. To find out how you can get a low rate on a 30-year fixed and a lower mortgage payment with the Making Home Affordable plan, call us now at (888) 724-7402 or fill out our short form and we’ll get in touch with you right away.

Or watch the video about the Making Home Affordable plan for a great explanation of the plan and how it can help millions refinance to a lower mortgage rate and payment.

For anyone currently in an FHA loan that could benefit from a lower mortgage payment, The Canto Team offers FHA streamline, the easiest way to refinance your FHA loan. With FHA Streamline, you could refinance an FHA loan with no appraisal and no income/assets verification. Not sure if an FHA Streamline is right for you? Find out if you qualify for an FHA Streamline refinance in just a few easy steps