President Barack Obamas recent announcement of his housing stimulus plan is great news for homeowners looking to refinance for for new potential homeowners. The plan would call for every new homeowner to have access to a 4.5% mortgage rate and further measures include that same 4.5% interest rate being available to homeowners looking to refinance. With the record number of foreclosures looming on the horizon this would be a great help to ease existing homeowners burdens and allow them to have smaller monthly mortgage payments. Obamas stimulus plan will make it easier for homeowners to refinance into that great low rate regardless of their financial situation. This will spur savings and help new home sales. It could also raise home values as homes would start selling again at a good pace. Refinancing with President Obamas plan could help millions of homeowners save billions of dollars that can be used to spur the economy.

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