Under a new mortgage stimulus plan announced by Obama current homeowners would be able to refinance their mortgage info a new 4.5% fixed rate loan. Also, new home buyers would be able to get a 4.5% rate on their mortgages as well. Primarily this stimulus bill proposed by Obama is to help struggling homeowners who have kept up to date with their mortgage payments but can not refinance due to low equity in their home. This would allow homeowners to refinance into a low low 4.5% mortgage rate and save hundreds and avoid foreclosure on their home. Also property values would see a rise as less homes are foreclosed on and more homes are bought. Homeowners should begin getting their papaerwork and researching potential mortgage lenders now as to not get lost in the herd when the Obama stimulus plan is announced. Refinance the right way and wait until the stimulus and save a low of money in 2009.

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