President Barack Obamas proposed stimulus plan is no doubt initially geared towards loosening the credit that is available to allow homeowners and potential homeowners to get or refinance a home at a mortgage rate of 4.5%. While current mortgage rates are near all time lows across the country this 4.5% mortgage rate proposed by Obama will have many beneficial side affects. Mortgage foreclosures would fall and home values would go up as homes in the neighborhood will be bought and sold faster. Also, this plan trys to put more emphasis on helping homeowners who have been responsible with their payments first. If you have been on time with your payments and they have been in full you will have first chance to refinance into this 4.5% proposed mortgage rate. However, other measures in the propsed stimulus package would include a chance for nearly 50% of current homeowners to refinance their mortgage into this same 4.5% mortgage rate. Obama will make a case to congress tonight about the state of the economy. In 2 more days the budget blueprint will be presented which will give us more insight into what President Barack Obamas stimulus plan will bring potential and current homeowners.

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