CALABASAS, Calif.--(BUSINESS WIRE)-- In a report issued this week, the Congressional Oversight Panel (COP) claimed that the Home Affordable Modification Program (HAMP) fell incredibly short of the Treasury Department’s expectations. Nonetheless, Informa Research Services suggests consumers take the initiative to educate themselves on possible opportunities to make their homes as affordable as possible (http://www.erate.com/mortgage_rates_search.htm).

According to the COP report, even though HAMP was projected to prevent three to four million foreclosures, it will only prevent about 700,000 to 800,000 (Source: http://cop.senate.gov/) foreclosures. Furthermore, HAMP was expected to prevent 8 to 13 million foreclosures by 2012.

Despite the incentives offered by HAMP, the report claimed that the complications involved in mortgages was not accounted for and thus are partially to blame for HAMP’s shortcomings.

Regardless of what safeguards the government puts in place to help struggling homeowners, consumers should take the initiative to educate themselves on the home loan process and opportunities to reduce their monthly mortgage payment. One way to minimize your mortgage payment is to refinance their current home loan to one with a significantly lower interest rate attached to it.

The easiest way to locate the best local rates with which to refinance a loan is to check online rate tables. These tables, which are updated multiple times a day, typically feature lenders who offer rates well below the national average.

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