The recent announcement by President Obama about his mortgage refinance stimulus plan is great news for millions of homeowners who are struggling to make their monthly mortgage payment. The stimulus plan will make it easier for homeowners to refinance or modify their existing home mortgage loans into a better one which will ideally free up more money for them every month. This will help further stimulate the economy as a whole and not just the housing market.

Here are some of the main points of this stimulus:
-To help current homeowners who's property value has decrease by 15% or more reduce their monthly mortgage. This provides a lot of help to those hardest hit by the steep drop in property and home values.

-Make home loans for existing homeowners easier to modify or refinance regardless of the financial situation or type of loan you are currently in.

-Keep the home mortgage interest rates relatively low and under control.

-Provide no assistance from the government to speculators who profit on peoples financial downfalls.

-Provide assistance to the homeowner before foreclosure becomes the only option left. This saves both the homeowner and lender who is backing their loan.

This plan comes at a perfect time considering the amount of financial hardships the country is facing.
Millions of responsible homeowners who have been having a tough time making their monthly mortgage payments on time and in full will be able to more easily refinance and be rewarded for their good borrowing practices. With millions of homeowners who have lost or had their spouse lose a job this should make financial problems easier to handle. Also, with property values dropping all over the place this will help raise the home values and property prices again to more normal levels. With more homes being bought and sold and less fear of losing money on them the property values will inevitably rise. While the stimulus plan will guarantee millions of homeowners some financial relief not all homeowners will qualify. Check and compare different mortgage lenders and see what their quotes are. Get the cheapest and best one written on paper and compare it to different mortgage lenders to get the best value.

-M Petrone

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