SOURCE: Informa Research Services, Inc.

Informa Research Services, Inc.

January 31, 2012 19:13 ET

No Help From HAMP? Refinance Your Mortgage to Lower Costs, Advises Informa Research Services

CALABASAS, CA--(Marketwire - Jan 31, 2012) - For many homeowners, government programs such as the Home Affordable Modification Program (HAMP) have been supremely helpful in getting their mortgage obligations to a more affordable level so they can stay in their homes. However, for those consumers who did not reap the benefits of these programs, Informa Research Services, a subsidiary of Informa plc (LSE: INF), suggests using smart refinancing options to make homeownership more affordable (http://www.erate.com/current-mortgage-rates-30-year-fixed-mortgage-rates.htm).

Late last week, the U.S. Treasury Department announced that it would be expanding HAMP. According to CNBC, the program, which was a part of the Making Home Affordable Program created by the Financial Stability Act of 2009, was deemed unsuccessful after falling short of expectations. Even though HAMP provided 750,000 homeowners with permanent loan modifications, it was expected to assist three to four million borrowers.

Government officials assert that the program was simply too conservative to truly improve the state of the real estate and lending industries.

"Clearly the initial program erred on the side of making sure taxpayers were protected, but it didn't do enough to help the overall economy," stated former Assistant Treasury Secretary for Financial Institutions and one of HAMP's architects, Michael Barr (Source: CNBC).

For those homeowners who have not benefited from these programs, refinancing a current home loan to one with a much lower rate can yield similar results. Furthermore, rates are near historic lows, thus for qualified borrowers, there should be many options with which to refinance. The fastest and easiest way to get started on this task is to go online to ERATE.com and use their rate shopping tables.

Using location and estimated loan amount, ERATE.com will quickly gather and assemble the nation's lowest rates on a simple, easy-to-read table. From there, consumers are welcome to sort their results by loan characteristics such as rate, APR, estimated monthly payment, and points. Finally, when consumers find a loan to their liking, they can simply click the link and they are sent to the lender's site to contact them directly.

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About Informa Research Services, Inc. (www.informars.com)
Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research, mystery shop, and decision-support information.