President Barack Obama announced a stimulus plan that could mean thousands of dollars in savings for homeowners and potential home buyers. Obamas proposed stimulus plan means that new homeowners would be able to get a fixed rate mortgage at 4.5% and existing homeowners will be able to refinance their mortgage into the same 4.5% home loan. This would mean nearly half of all existing homeowners would qualify for mortgage refinancing under the plans terms. That would equal hundreds of dollars in savings per month for the average homeowner. This money would then help boost the economy at a ground level. Furthermore this stimulus plan could help raise the value of homes by increasing market activity and raising the prices. Homeowners who are looking to refinance their home should hold out for further announcement from Obama. Talk to and research potential mortgage lenders so that if this bill goes through as proposed by Obama, you will not be behind the herds of people trying to take advantage of this Obama stimulus plan.

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