13:58 PM

Refinancing in Wake of Homeowner Plan

CHICAGO, March 3, 2009 – President Obama’s new $75 billion Homeowner Stability Initiative aims to help three-to-four million homeowners who owe more than 80 percent of their home’s value. The plan focuses on “responsible” homeowners, who are still current in their payments but at risk of default. While not everyone will qualify, all consumers should take this time to ensure their credit report is accurate and that they are in good financial standing. If their credit report and score are in good shape, even those who aren’t eligible for the stimulus plan may find it’s the right time to refinance to take advantage of current rates.

Before refinancing, it is critical that consumers do their homework and understand how they will be viewed by lenders. The TrueCredit.com Mortgage Simulator provides consumers with a snapshot of their most up-to-date credit information as well as a personalized loan rate analysis to show them the interest rates they would qualify for that day.

In a recent New York Times article, Forrester Research Analyst Brad Strothkamp called the mortgage simulator a useful service. “What I like most about it is its independent, unbiased nature,” he said.

Consumers can purchase TrueCredit.com’s Mortgage Simulator by logging onto www.gotruecredit.com.  

About TrueCredit.com’s Mortgage Simulator

TrueCredit.com’s proprietary offering delivers a listing of mortgage rates for which an applicant should qualify, based on a daily nationwide survey of rates from the Heitman Group. Rates are continuously updated, so users can check periodically to see if their rates have changed. The simulator automatically populates users’ up-to-date credit score and monthly non-mortgage debt level so that consumers have a realistic analysis of their standing. Also included is a "What If" tool designed to help users determine how changing various factors, such as improving a current credit score or debt-to-income ratio, can improve borrowing power.