President Barack Obamas recent announcement of a "Homeowner Affordability and Stability Plan" or a housing stimulus plan could mean great news for all current and potential homeowners. This $275 billion dollar housing stimulus package primary focus is helping the hardest hit areas from the housing crisis and the declining property values. The first people to see help from this proposed stimulus plan from Barack Obama would be responsible homeowners who have made their payments full and on time yet are struggling to do so and for one reason or another can not refinance. Obamas stimulus plan would let homeowners refinance into a new loan at a 4.5% mortgage rate. This is an extremely low rate and will save these homeowners hundreds monthly that they can use to pay off bills and better their financial situations. Also, this plan would help a lot of potential homes being lost due to foreclosure. This way homeowners have a chance to be able to afford their home and pay off other living expenses as well. Over 9 million homeowners are expected to be able to save hundreds per month due to this proposed stimulus plan from Obama. This extra money would be spent on other things, or bills and help stimulate the economy even further. If President Barack Obama gets this passed on March 4th there will be a long line to refinance. Make sure you get your paperwork together ahead of time and research and talk to potential mortgage lenders. This will help ease the refinancing process and leave you to focus on the deal itself and the rates and terms that come with it.

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