President Barack Obamas “Home Affordability Stimulus Plan” is a mortgage stimulus package that makes 1 out of every 9 existing homeowners eligible for mortgage refinance or modification. This means millions of homeowners can save hundreds of dollars, right now, using these government enacted homeowner stimulus packages.

Some key points to help homeowners from Obamas plan are listed here:
-Homeowners who have seen their property value drop by at least 15% can now refinance. This will help homeowners who have seen their home values drop since the mortgage crisis.
-Mortgages backed or insured by Freddie Mac and Fannie Mae are now all automatically eligible for modification or refinance. Millions of homes are backed by these lending powerhouses regardless of which lender or bank you got your mortgage from.
-The Federal reserves goal is to see fixed interest rates around 4.5% for every homeowner and potential home buyer.
-Prevent foreclosures and mortgage defaults by helping homeowners who have remained current on their mortgage payments for at least 12 months but are struggling financially to stay a float. They will have to sign affidavit that they are facing “Financial Hardships” but will be eligible for a refinance or modification.

Everyone knows times are tough and the mortgage crisis just multiplies this problem. By targeting homeowners this stimulus plan will benefit millions instantly and create extra income monthly for a lot of people. Property values will begin to rise again as foreclosures are curbed and homes are again bought and sold without extreme fear or caution. Take advantage and refinance now to save hundreds of dollars on your mortgage.

-M Petrone
www.RefinancingCondo.com

A lot of homeowners are under the false impression that they will not see any kind of savings if they refinance their home. Common thoughts about mortgage refinancing are,I probably will not qualify anyway since my credit is not great, or my home value has dropped, or it seems to hard to do.. However, the truth is refinancing a home mortgage the right way, especially now, will save you hundreds per month.

Refinancing a mortgage is not that hard to do. It does not take a significant amount of time, and the savings can be enormous. Secondly, saving even 1% on a home loans interest rates can add up to a big savings every month, and even bigger over the length of the loan.

Right now, the Federal Reserve is buying treasury bonds from the government basically printing cash in the amount of over $300 billion dollars in order to lower interest rates for every homeowner and potential home buyer. Experts believe that the Federal reserve would like to see an interest rate of around 4.5% available for everyone. This would be the lowest recorded interest rates in history, and the savings for homeowners would be tremendous.

A vast majority of current homeowners have a interest rate much higher than 4.5%. Generally current homeowners have an interest rate of anywhere between 5.5% - 10% depending on their personal financial situations, and when they got their loan. The worst part though is that most of these homeowners do not realize how much they could save every single month by refinancing.

Here is an example of how much you could save by refinancing. Over the course of a 30 year loan for $300,000 at 8% you would pay around $516,000 in interest, with that same loan refinanced into a 4% interest rate you would pay around $245,000 over the same length of time. That is an extremely huge savings of $271,000 in interest payments over the course of the loan.

Refinancing your home mortgage the right will save you money. Make sure you do some basic research on potential mortgage lenders, and pick the one that is right for you. Now is a great time to take advantage of government programs and near record low interest rates and refinance.

-M Petrone
www.RefinancingCondo.com

Obamas “Home Affordability Stimulus Plan” which was announced earlier this month makes millions of homeowners eligible for mortgage refinancing into a fixed rate 4.5% home loan. Homeowners will save hundreds of dollars monthly under this stimulus plan. Below are the eligibility requirements:

-Help existing homeowners who have seen the value of their property fall by at least 15%. This helps a lot of homeowners who have seen their home value drop since this mortgage crisis started.
-Make loan modification or refinancing for homeowners who have a mortgage backed by Fannie Mae or Freddie Mac easier. Millions of mortgages across the country are insured or backed by these 2 lending giants, regardless of who your mortgage lender or bank is. Ask your current mortgage provider if your loan is insured by Fannie Mae or Freddie Mac.
-Keep mortgage interest rates controlled and ideally at 4.5% for a fixed rate mortgage.
-Help current homeowners who have kept current on their mortgage payments for at least 12 months avoid mortgage foreclosure or defaulting on their loan by allowing them to refinance into a new 4.5% fixed rate loan.

Times are tough and financially responsible homeowners are finding it harder and harder to remain current on their monthly bills. Luckily, this mortgage stimulus plan will help an estimated 1 out of every 9 existing homeowners refinance or modify their loan into a new one that will save them money every single month. A 4.5% interest rate would almost immediately reverse the tide of foreclosures and property values would rise as a result. Homeowners are rushing to take advantage of this amazing chance to save hundreds and refinance their mortgage using Obamas “Home Affordability Plan”.

President Obama enacted his “Home Affordability Stimulus Plan” earlier this month making millions of homeowners instantly eligible to refinance their mortgage into a fixed 4.5% interest rate. Homeowners will save hundreds of dollars every month on their mortgage payment under this mortgage stimulus plan.

I have below some of the key elements of Obamas mortgage stimulus plan:
-Help existing homeowners who have seen the value of their property fall by at least 15%. This helps a lot of homeowners who have seen their home value drop since this mortgage crisis started.
-Make loan modification or refinancing for homeowners who have a mortgage backed by Fannie Mae or Freddie Mac easier. Millions of mortgages across the country are insured or backed by these 2 lending giants, regardless of who your mortgage lender or bank is. Ask your current mortgage provider if your loan is insured by Fannie Mae or Freddie Mac.
-Keep mortgage interest rates controlled and ideally at 4.5% for a fixed rate mortgage.
-Help current homeowners who have kept current on their mortgage payments for at least 12 months avoid mortgage foreclosure or defaulting on their loan by allowing them to refinance into a new 4.5% fixed rate loan.

Times are tough and financially responsible homeowners are finding it harder and harder to remain current on their monthly bills. Luckily, this mortgage stimulus plan will help an estimated 1 out of every 9 existing homeowners refinance or modify their loan into a new one that will save them money every single month. A 4.5% interest rate would almost immediately reverse the tide of foreclosures and property values would rise as a result. Homeowners are rushing to take advantage of this amazing chance to save hundreds and refinance their mortgage using Obamas “Home Affordability Plan”.

www.RefinancingCondo.com

Homeowners who have mortgages backed by lending giants Freddie Mac or Fannie Mae are most likely eligible for a mortgage modification or refinance thanks to Obamas “Home Affordability Plan”. Both of these lending giants must now abide by guidelines set out in Obamas housing stimulus plan.

So, who will qualify for loan modification or refinance? Here are some guidelines for eligibility for this program from Obama:

-Homeowners who have declared bankruptcy will not be eligible for the modification or loan refinance plans available from this stimulus.

-Homes which have more than 1 family will not qualify. Single family homes only.

-If only 1 family lives in the home, the borrower will be eligible for this stimulus plan.

-If the amount of your mortgage exceeds the value of your home by as much as 5% you will still be eligible for refinancing or modification. This helps homeowners who have seen their property values plummet in the wake of this housing crisis.

-If your home loan is either insured by, or owned by, Fannie Mae or Freddie Mac you are automatically eligible for this home mortgage stimulus plan.

Now, refinancing a home mortgage is going to favor the borrower even more. The government has put a cap on the amount the monthly mortgage payment can be. Currently, it is 31% of the borrowers gross monthly income. Furthermore, total debt payments such as car loans, credit cards. Home loans, can not exceed more than 55% of the borrowers monthly income. HUD (A government run Housing and Development counseling group) has made professional mortgage counseling for a lot of homeowners who are looking to take advantage of this plan. They help present your case and ensure the best refinancing deal for you. Make sure you get the best deal possible and take your time and do some basic research.

-M Petrone
www.RefinancingCondo.com

Millions of homeowners can now refinance their mortgage using Obamas housing affordability plan. This mortgage stimulus plan will help homeowners refinance or modify their current mortgage into a 30 year 4.5% fixed rate. Homeowners will save hundreds monthly. Here is some details...

With so many people eager to take advantage of the huge savings that could be had, I have listed here 2 key points in Obamas housing stimulus plan.

-Assist homeowners who do not have the usual 20% equity in their home required to refinance. The plan calls for incentives for mortgage lenders and banks who approve borrowers who would have been previously declined for a refinance due to not having enough equity in the home. This also helps a lot of homeowners who have seen their property values drop as the housing problems set in across the country.

-Allow easy and financially beneficial home mortgage modifications for homeowners who have mortgage backed by Freddie Mae or Freddie Mac. Most mortgages in the country are ultimately backed by one of these two giants, regardless of who your lender or bank is. They would call for a limit on the allowable monthly mortgage payment based on the borrowers monthly income. The payment can not exceed 38% of the borrowers gross monthly income.

Overall this plan will help a lot of homeowners who are struggling to make their financial ends meet every month. Also, with the rising unemployment rate and loss of hours, as well as market troubles, this stimulus plan could not come at a better time. While refinancing a home mortgage is not the best decision for everyone, millions of current homeowners can save a lot of money every single month on their home payments if they refinance the right way. Make sure you practice patience and do some simple research on potential mortgage lenders using the internet. Also, become familiar with the terminology used and the average rates and loan types across the country as well as in your area. Refinance the right way now and start saving money.

The “Making Home Affordable Plan” is a new government program that will allow 1 out of 9 homeowners an easy loan modification or refinance. This plan will help millions avoid forelosure and get into a manageable monthly home mortgage payment. Homeowners across the country are looking to take advantage of Obamas new stimulus housing plan and you probably can too.

Do You Qualify for the Making Home Affordable Plan?

There are some easy questions that will assist you in determining if you are indeed eligible for this housing stimulus plan from President Obama. There are two main points in this plan that will help homeowners, loan modifications and home mortgage refinancing. This plan targets homeowners who have remained current on their mortgages but can not refinance due to a drop in the property value of their home. Loans held and backed by Freddie Mac and Fannie Mae and for people who up to 105% of the value of their home will be more easily refinanced or modified with this plan. Here are some easy questions to see whether you qualify for Obamas mortgage stimulus plan:


1.Is the home in question your primary residence?

2.Is your home loan backed by either Freddie Mac or Fannie Mae? You can call your bank or lender and ask. They have to tell you.

3.Are you up to date and current on your home mortgage payments? This means that in the past year you have not been over 30 days late on any mortgage payment.

4.Do you owe about the same or less on your current home mortgage. than the approximate value of your house?

If you have read these questions and answered yes to all of them, then you most likely are eligible for Obamas Making Home Affordable Plan. However if you said no to any of these questions, you are not out of luck yet, there is still the loan modification plan that you may qualify for. This plan helps homeowners who have seen their mortgage interest rates increase, seen their income decrease, or face other financial hardships. This plan will work for homeowners who are current on their mortgage or for people who have fallen behind. Here are 4 more questions to help establish if you are eligible for a loan modification under Obamas housing stimulus plan:

1.Is the home in question your primary residence?

2.Do you less than $729,750 on your current mortgage?

3.Are you having a hard time paying your mortgage every month? If you have lost your job, seen a cut in hours or pay, or have faced another financial hardship which is effecting your finances?

4.Did you get your current mortgage before January 1, 2009?

Answering yes to all 4 of these questions most likely means that you are eligible to modify your home loan using this Home Affordability Plan from Obama. Always use patience and do some research before doing anything. Good Luck
-M Petrone
www.RefinancingCondo.com

Definition of: Mortgage

Posted by Why Refinance | 11:29 PM | ,

The Definition of the word Mortgage: A mortgage is an agreement to give up an interest in something if you fail to perform some duty. In many cases, it means that you'll give up your home if you fail to repay your home loan as agreed. You can use mortgage as a verb, meaning "to pledge".

Mortgage and "home loan" are often used interchangeably. However, the mortgage is really the agreement that makes your home loan work -- the bank wouldn't lend you hundreds of thousands of dollars unless they knew they could claim your home in the event of your default.

Obamas Home Affordability Plan will help millions of homeowners who can not keep up with their monthly mortgage payments by screwing everyone else! This is great news for 6 million homeowners and dozens of banking executives! Meanwhile in the real world everyone else without a mortgage is screwed.

Some of the key points of Obamas housing stimulus plan are:

-Help existing homeowners who have seen the value of their property drop due to the bad housing market and other elements. This will help homeowners refinance into a better mortgage with lower monthly payments saving them thousands over the course of the mortgage.

-Make loan modification and refinancing rules more relaxed which will allow for easier loan modifications and refinance for current homeowners.

-Keep interest rates fixed and around 4.5% for a fixed rate 30 year mortgage.

-Prevent foreclosures and defaulting mortgages by allowing homeowners to refinance their loan into a new one with a 4.5% interest rate.

This economy is making it hard for everyone. So now luckily the greedy borrowers who bought more home than they can afford will get bailed out by people who do not have their own home, or by people who have been paying for their own home withour the governments help. Yay for 6 million homeowners, screw the others.

-M Petrone
www.RefinancingCondo.com

President Obama could not have picked a more harsh economic times to become President. Neither the markets or the economy are in any kind of condition to fix themselves. The statistics say that 1 of 9 homeowners are facing foreclosure and the other 8 will soon be facing foreclosure or defaulting on their mortgage. Reasons are simple, income levels are down for many who still have their jobs, and property values have dramatically dropped all over the country leaving homeowners with a bigger mortgage than their home is worth.

Luckily, Obama has enacted his “Home Owners Stability Plan” which came into effect earlier this month. This plan will help over 5 million current homeowners stabilize their monthly mortgage payment and save their home from being foreclosed on. The government under this plan has released over $75 billion just for housing issues facing homeowners.

Here is some of the key points of the Obama “Home Owners Stability Plan”:

-Mortgage lenders and banks will receive $1,000 for every loan modification they grant.

-The policy stresses the point that a foreclosure does not help either the borrower or the lender and that modification or refinance should be favored.

-Usually 20% equity in your home was required to refinance or modify your loan. Now though homeowners using this plan can refinance or modify their mortgage if they owe as much as 105% of what their home is worth.

-Monthly mortgage payments will not exceed 31% of the homeowners gross monthly income.

-Total monthly home payments, car payments, credit card debts, should not total more than 55% of your pre tax income.

-Obama has provided mortgage counseling under the HUD name. They will help you find and negotiate the right refinance or modification for your needs. They are better than private companies as they are not commission based.

-The only limitations are that your mortgage is insure, owned, or backed by the lending giants Freddie Mac or Fannie Mae.

Refinancing a home mortgage can be a great money saving ting to do if it is done the right way but be careful and make sure you are getting the best deal you can.

-M Petrone
www.RefinancingCondo.com

President Obama announced his home mortgage stimulus plan called the “Home Affordability Plan” which will allow existing homeowners to refinance their mortgage into a fixed 4.5% rate. First time home buyers will also be allowed to get this 4.5% fixed rate.

Some of the key points of Obamas housing stimulus plan are:

-Help existing homeowners who have seen the value of their property drop due to the bad housing market and other elements. This will help homeowners refinance into a better mortgage with lower monthly payments saving them thousands over the course of the mortgage.

-Make loan modification and refinancing rules more relaxed which will allow for easier loan modifications and refinance for current homeowners.

-Keep interest rates fixed and around 4.5% for a fixed rate 30 year mortgage.

-Prevent foreclosures and defaulting mortgages by allowing homeowners to refinance their loan into a new one with a 4.5% interest rate.

This economy is making it hard for financially responsible to keep up with their monthly expenses. This mortgage stimulus plan from Obama will be a great way to take advantage of low mortgage rates and refinance your home now. Almost 6 million homeowners are eligible to refinance their mortgage if it is done through this plan. This money saved every month can be used to pay down other debts or just increase your standards of living. Research potential mortgage lenders and go get that refinance now.

-M Petrone
www.RefinancingCondo.com

Unless you are eligible for refinancing through Obamas “Home Affordability Plan” you will find that refinancing a mortgage can be difficult. It requires several different facts and figures before you will even have a chance of getting approved. Mortgage lenders and banks can deny any refinance application for any of the following reasons:

-The Credit Rating of the Homeowner.
If your credit rating is too low, the bank or lender will deny your application to refinance. However, bad credit scores are pretty common and you are not alone. To help get approved with bad credit you must explain your financial situation to the bank or mortgage lender and convince them you are going to make those payments. If this fails you can look into sub prime loans, but usually these are to be avoided.

-The Income of the Borrower.
Mortgage lenders and banks will throughly check all proof of income statements. The lender or bank will be skeptical should they feel your income is higher or lower than your stating it is. Also, this income must prove to be consistent. If you are not able to do this, the refinance application may get denied.

-Incomplete Documents.
If you can not come up with, find, or complete documents that lenders or banks give you for the refinancing procedure, the application for refinancing will be denied.

-The Value of the Property to be Refinanced.
Banks and lenders are likely to deny refinancing if they project property values dropping even further in your area, or, if they have already dropped to far. Banks and mortgage lenders typically do not refinance a home or property for more than it is worth.

-Mortgage Lender and Bank Policies.
Banks and lenders often have extremely particular requirements for refinancing a home. Sometimes borrowers need a certain amount of income, or equity, or have a single family home, and still refinance applications may be denied.

Luckily for you, the internet is a great way to investigate potential mortgage lenders and banks for your refinance. You can easily search through the conditions and eligibility requirements from a wide variety of banks. Often, you can get a rough quote and see how much you can expect to save every month. Make sure you take your time and use some patience to find the right refinance deal. This is the only way to ensure you do not get caught up in another bad mortgage.

-M Petrone
www.RefinancingCondo.com

Over 6 million homeowners are now eligible to refinance or modify their home mortgage into an affordable, fixed, 4.5% interest rate thanks to President Obamas “Home Affordability Plan” which is basically a housing stimulus plan. Homeowners can easily save hundreds monthly. Below, I have listed some of the benefits to Obamas housing plan.

*Homeowners in many parts of the country have seen their home values drop by as much as 15% thanks to this housing crisis that has been gripping the country. This stimulus plan will assist homeowners in refinancing even if they owe more on the mortgage than their home is worth.

*Keep interest rates low for existing and future mortgages, somewhere around 4.5% for a fixed rate mortgage.

*This plan will give cash incentives from the government to mortgage lenders and banks who help refinance “risky” borrowers. This means that more banks and lenders will work with you since they are being backed by the government making it easier and better for you to refinance.

*To prevent the hundreds of thousands of pending foreclosures in the coming months by allowing homeowners on their last financial leg to refinance or modify their mortgage into a monthly payment that does not exceed 38% of their monthly income.

Right now millions of homeowners can save hundreds of dollars every month due to this housing stimulus plan from Obama. Take advantage of this amazing chance to refinance now and contact your mortgage lender or bank and start getting some quotes. Even a savings of 2% on the interest rate can save you hundreds of dollars on your mortgage payment every single month for the length of the loan.
Practice patience and do some basic research though before making any final decisions that can not be reversed.

-M Petrone
www.RefinancingCondo.com

One of the biggest factors in getting a mortgage refinanced is your credit score. Regardless of your current mortgage rate, regardless of the equity you have, or don't have, in your home not having a decent credit score will leave you with limited options when it comes to home mortgage refinancing.

The main reason people refinance is to get a lower monthly mortgage payment through lower interest rates. Homeowners who want to take advantage of the near record low mortgage rates across the country can easily save a couple of hundred dollars every month. This equals thousands per year in savings that would have been otherwise paid to interest.

For a lot of homeowners, a refinance can be a great move financially if your credit score is in decent shape. However, if you do not have the best credit score do not worry. There are a lot of things you can do for free to improve your credit rating and get a good rate on a mortgage refinance.

Did you know that there is a high chance that there are currently errors on your credit report that could be costing you money? Their may be negative marks, things that have been paid but claim to not have been, and all types of errors, and wrong information. Credit reporting companies regularly make mistakes which make your credit rating worse than it should be in reality. Get a free credit report and take 2 minutes to browse through it so you can identify and errors and get them taken care of with the appropriate credit reporting agency. Check here for an really good, free, instant, credit report.

It is the law that credit reporting agencies investigate errors claimed by any person, remove them if necessary, and make the right adjustments to their credit rating. By taking a simple look at your credit score you will save yourself a lot of money by clearing up any possible errors in a quick and timely manner before going in for a refinance.

So many homeowners are looking to take advantage of President Obamas “Home Affordability Plan” that I have included some of the main eligibility requirements and main points of this housing stimulus plan.

-Help existing homeowners who do not have the typically required 20% equity in their home required to refinance into a fixed rate 4.5% mortgage. This stimulus plan will give government incentives, sometimes dollar for dollar, to help cover mortgage lender or banks costs for refinancing “risky” borrowers. This will help millions homeowners who may have seen the value of their home plummet as the housing market took a nose dive.

-Allow mortgages that are backed by Fannie Mae or Freddie Mac to be modified into a monthly payment that would not exceed 38% of the homeowners gross monthly income. Millions of homes are backed by these 2 lending giants and odds are yours is too. There is no eligibility requirements to modify a mortgage as long as it is backed by one of these 2 companies.

This plan instantly makes millions of homeowners eligible to refinance or modify their home into a more affordable monthly payment. Ideally, the homeowners would be able to save enough money to pay off other debts and start saving or spending money again and improve their standard of living while at the same time possibly saving their home from foreclosure. Refinancing a home can be a big money saver if it is done the correct way. Contact potential mortgage lenders and get quotes to see how much you can save.

-M Petrone
www.RefinancingCondo.com

Homeowners looking to take advantage of Obamas “Home Affordability Plan” should not wait any longer. Millions of homeowners are eligible with this stimulus plan to save hundreds monthly through refinancing plans that call for a 4.5% fixed rate mortgage. Homeowners are rushing to take advantage and save money every month. Here is how you can too.

The main focus point of this plan is to help homeowners that have been able to keep up with their payments on time for at least the past 12 months. Refinancing or modifying a home mortgage will be easier for homeowners who have been on time due to the government giving incentives to mortgage lenders and banks to help “risky” borrowers stay in their home rather than foreclose or default on their loan. The government will match any costs or expenses inured by lenders who participate, sometimes dollar for dollar. With these incentives, homeowners now will not need the typical 20% equity in their home that was a previous requirement for a refinance or modification. Also, a homeowner may owe more on their mortgage than their home is actually worth, up to 5% more than the homes worth at the maximum. This helps homeowners who have seen their property values plummet due to having bought their home in the middle of he housing boom and soon after having the housing market drop. Another chance homeowners may have is a home loan modification. Homeowners may modify their loan so that they do not have to pay more than 38% of their gross monthly income on their mortgage every month. This is even easier for homeowners who have their mortgages backed by Fannie Mae or Freddie Mac. This will help millions of homeowners save hundreds every month if it is done right. Use patience and do some basic research before making any drastic decision. If you refinance wrong it will cost you a lot of money, and possibly your home. However if you refinance the right way you will undoubtedly save a lot of money, especially with these Obama housing stimulus plans.

-M Petrone
www.RefinancingCondo.com

Today, President Obama, in a online town hall meeting, again addressed his “Home Affordability Plan” and how it will help homeowners save hundreds of dollars per month by refinancing into a better mortgage. He wanted to reinforce that up to 40% of all current mortgage holders are eligible for refinancing. I have included some details of this plan.

“That's why we've launched a plan (The Home Affordability Plan)to stabilize the housing market and help responsible homeowners stay in their homes. This plan is one of the reasons that mortgage interest rates are now at near-historic lows. And we've already seen a jump in refinancings of mortgages, and homeowners taking advantage of lower rates. And every American, by the way, should know that up to 40 percent of all mortgages right now are eligible for refinancing.” - President Obama, March 26, 2009

Below are some of the eligibility requirements to refinance under this plan:

-The homeowner must not owe more than 105% than their home is worth. This will help a lot of homeowners who bought a house during the housing boom when property values were skyrocketing. Now, with the housing market slowing to a near halt, property values have dramatically sunk leaving homeowners with a mortgage that is for more money than the home is worth.

-The homeowner must live in the home. This can not be a investment or vacation property.

-If your mortgage is backed by Freddie Mac or Fannie Mae, you will be eligible to modify or refinance your mortgage, regardless of your financial situation, into a monthly payment that will not exceed 38% of your monthly gross income. Millions of homes are backed by these 2 lending powerhouses and that means odds are you are too.

-If the mortgage lender or bank is taking part in this government program, the usual 20% equity required in the home to refinance is not necessary.

Mortgage lenders and banks are being given incentives from the government to refinance or modify mortgages from “risky” borrowers. In some cases, dollar for dollar is being matched of the lenders expenses or costs related to refinancing a borrower under this plan. This means that if you have trouble refinancing before odds are you are eligible now. Refinancing a mortgage now is a great way to take advantage of the low mortgage rates and save your home from foreclosure. Contact potential mortgage lenders and banks for more information.

-M Petrone
www.RefinancingCondo.com

The Obama administration have announced the “Home Affordability Plan” Basically a housing stimulus plan for homeowners who have financial difficulties. This plan will help over 6 million current homeowners refinance their mortgage into a fixed rate 4.5% loan. Hundreds of dollars per month can be saved by taking advantage of this stimulus plan.

This plan will help an estimated 1 out of every 9 homeowners avoid defaulting on their mortgage and losing their home due to foreclosure. Under this plan homeowners are able to refinance their current mortgage even if they have been denied before, and even if they owe more than their home is actually worth.

This plan had to be carefully executed as the Obama administration did not want to look as if though they are giving a break to irresponsible homeowners who were reckless or greedy during the “Housing Boom” a few years ago. That is why the first step of this stimulus is geared towards helping homeowners who have been able to keep up with their mortgage payments for at least the past 12 months. However, regardless of your payment history their most likely is a good refinance option available to you.

Over 6 million homeowners will benefit from this plan, according to the Obama administration. Here are the 2 main parts to this plan to help homeowners save.

-Banks, mortgage lending services, and other mortgage providers will be given incentives from the government to ease the restrictions of refinancing a home for a homeowners who will otherwise default on their loan, or lose their house, due to financial problems. Borrowers will be required to sign affidavits of their “Financial Hardships” at the time of a refinance and the lenders will be taking on riskier borrowers for the government incentives. Homeowners who do this may see their mortgage rates drop as low as 2%, extend the length of their mortgage, or other ways to bring the mortgage monthly payment to 31% of the borrowers gross monthly income. A limitation to this is that the home must have a first lien mortgage, the homeowner lives in the home as a primary residence, and the mortgage cannot exceed $730,000 for a single family home. These mortgage lenders and banks that participate will get as much as $3500 dollars in government money just for taking part, as well as matching, up to a certain amount, of any costs the lenders or banks may have. Homeowners will be able to get up to $5,000 in federal money to pay off other loans, or reduce their debts, to help make sure that they do not face losing their home again. Again, Obama stressed, the homeowner must live in the home, and not use it as a second residence or investment property for eligibility.

-Mortgages backed by mega lenders Fannie Mae and Freddie Mac will be easier to modify. This means that the millions of mortgages backed by these 2 lending giants will be able to be modified for homeowners who have a mortgage that is worth more than their home, regardless of a financial hard ship or not. Also, there is no limit to the amount these mortgages can be for either. Eligibility requirements are just that the loan is backed by one of the 2 lenders, and the homeowner does not owe more than 105% of their homes value.

These are the basics of Obamas “Home Affordability Plan”. Refinancing a home mortgage is a serious decision that should be combined with patience and basic research on lenders, terms, and conditions of common home loans. Literally millions of homeowners will save hundreds every month due to this Obama stimulus plan. Take advantage now while this plan is still in effect.

-M Petrone
www.RefinancingCondo.com

If you are a homeowner looking to take advantage of the Obama stimulus package, all the information you need is right here. The “Home Affordability Plan” is basically a stimulus plan from the Obama administration for homeowners. This plan will help roughly 6 million current homeowners refinance into a new 4.5% fixed rate mortgage. Millions of homeowners will save hundreds every month on their mortgage.

This plans main focus is on homeowners who have remained up to date on their mortgage payments for at least the past 12 months. For these homeowners, refinancing and loan modification will be easier and provide more savings now than it has in the past. Before, the typical amount of equity required to refinance your home mortgage was 20%. Now though with this stimulus plan from Obama, homeowners will be able to more easily refinance their mortgages into a stable fixed rate, and save money every month. Homeowners may owe as much 105% of their homes worth and still be approved for a mortgage refinance at a reasonable rate. This is great news for millions of homeowners who have seen their property values drop drastically just in the past few years. This is possible in part from the government using this stimulus bill from Obama offering cash incentives to mortgage lenders and banks who take on these “risky” borrowers who fall into the stimulus eligibility requirements. Also, homeowners will be allowed to modify their mortgage under this plan into a monthly payment that is not to exceed 38% of their gross monthly income. This can help homeowners who are trapped in an ARM (Adjustable rate mortgage) due to the attractiveness of the low rates and the lack of long term thinking, or having no other choice due to credit rating, or financial situations, in order to purchase a home.

Right now is a great time to take advantage of this stimulus plan before the mortgage lenders become to flooded with applications as homeowners realize they can save hundreds every month. Although this will help millions of homeowners, refinancing may not be the right decision for everyone. Get in contact with a lender of your choice and get some quotes on the potential savings. Make sure you are patient and do some basic research on the mortgage rate national average, and the potential lenders. A home mortgage refinance can be beneficial if it is done the right way but if it is done wrong it can be a costly decision that may ultimately cost you your home.

-M Petrone
www.RefinancingCondo.com

Great news for homeowners as President Obama announced his housing stimulus plan called the “Home affordability” stimulus plan. This plan makes refinancing a mortgage into a low 4.5% fixed rate easier for over 6 million homeowners. This will equal hundreds in savings every month.

With so many people eager to take advantage of the huge savings that could be had, I have listed here 2 key points in Obamas housing stimulus plan.

-Assist homeowners who do not have the usual 20% equity in their home required to refinance. The plan calls for incentives for mortgage lenders and banks who approve borrowers who would have been previously declined for a refinance due to not having enough equity in the home. This also helps a lot of homeowners who have seen their property values drop as the housing problems set in across the country.

-Allow easy and financially beneficial home mortgage modifications for homeowners who have mortgage backed by Freddie Mae or Freddie Mac. Most mortgages in the country are ultimately backed by one of these two giants, regardless of who your lender or bank is. They would call for a limit on the allowable monthly mortgage payment based on the borrowers monthly income. The payment can not exceed 38% of the borrowers gross monthly income.

Overall this plan will help a lot of homeowners who are struggling to make their financial ends meet every month. Also, with the rising unemployment rate and loss of hours, as well as market troubles, this stimulus plan could not come at a better time. While refinancing a home mortgage is not the best decision for everyone, millions of current homeowners can save a lot of money every single month on their home payments if they refinance the right way. Make sure you practice patience and do some simple research on potential mortgage lenders using the internet. Also, become familiar with the terminology used and the average rates and loan types across the country as well as in your area. Refinance the right way now and start saving money.

With the recent announcement from President Obama and his economic advisors of their “Home Affordability Plan” millions of homeowners can now refinance or modify their current mortgage and save hundreds per month. This stimulus plan is centered around homeowners who are facing defaulting on their mortgage or possible foreclosure on their home.

President Obamas housing stimulus package will help you refinance your current home mortgage.

--Now, you can refinance or modify your current home loan even if you do not have the customary 20% in equity. Thanks to the housing plan from Obama homeowners who owe as much as 105% of their homes worth will be able to more easily refinance their loans. This is also due to mortgage lenders and banks getting government incentives to help struggling homeowners refinance or modify their loans into affordable payments.

--Refinance your current mortgage into a better interest rate. Following the guidelines set by Barack Obama, mortgage lenders will now refinance your home loan into a lower interest rate. This would make the monthly payments lower.

--You may also reap some of the benefits such as waiving late fees or not paying any processing fees.

Some of the other main points of this housing stimulus plan are:
--Their are now grants available for homeowners depending on their individual credit ratings. For the most part, this program is for people who are looking for some short term financial help. These grants are available for home loan repayment.

--Programs for homeowners to modify their current loans have been established and will save homeowners a lot of money. The new plan calls for mortgage modification that allows mortgage payments that are not to exceed 38% of the homeowners total gross monthly income, or GMI.

--Special lines of credit and loan options for first time home buyers and other people who are looking for automobile loans.

--Overall interest rates to be reduced to 5.16% or so from the current 6.5%.

--Free professional mortgage advise for people who can not afford to pay a mortgage counselor from a US Federal appointed HUD officer for problem solving and other mortgage issues.

Refinancing a home mortgage can be a great thing if it is done the right way. However, if it is wrong, it can cost you a lot of money, or even your home. Patience and simple research using the internet will be your best tool in ensuring you get the best deal on your refinance.
-M Petrone
www.RefinancingCondo.com

President Obama and his administration have recently announced details of their home affordability stimulus plan, which should help as many as 1 out of every 9 homeowners avoid foreclosure or more easily refinance even if the amount owed on the mortgage is more than the home is worth.

This housing stimulus announcement came just 2 weeks after President Obama stated that $75 billion dollars would be spent on housing and mortgage problems out of a $787 billion dollar economic and financial-bailout stimulus plan.

This housing affordability stimulus plan from Obama had to be carefully laid out and implemented due to the Obama administration not wanting to look as if though they are rewarding homeowners who were greedy or reckless during the housing boom times. Therefore the first step of this plan is to help homeowners who have remained current on their mortgage payments for at least 12 months. Although, regardless of payment history, there is other refinancing options available.

The administrations outlined estimates say that this stimulus plan will benefit as many as 9 million current mortgage holders, and has 2 main components to it.

First, mortgage lenders, banks, and other financial services offering mortgage refinancing will be offered incentives and other subsidies from the government to loosen up the refinancing requirements for homeowners who are having financial difficulties that are so bad that losing their home is a serious risk. These borrowers will have to sign financial hardship affidavits to this effect detailing their hardships. For doing this, homeowners can see their current interest rates drop to as little as 2%, their mortgage lengthened, or other methods to bring down the monthly mortgage payment to 31% of the homeowners gross monthly income. This stimulus plan will be limited though to first lien mortgages only with mortgage amounts that do not exceed $729,000 for a single family home.

Mortgage lenders, banks, and other home loan providers will also get up to $3500 from the government to participate in this program as well as matching portions of the mortgage lenders or banks costs dollar for dollar in some circumstances. Homeowners are also eligible to get up to $5,000 in federal money to help reduce or pay off other outstanding balances as a way to ensure they do not lose their home later down the road. Also noted by Obama administration officials was the fact that people who purchased homes as investments and not primary residences are not eligible.

Second, this plan calls for government backed mortgage lenders Freddie Mac and Fannie Mae, to allow home refinancing for literally millions of current homeowners who owe more on their existing mortgage than their home is actually worth, even if they are not having problems making monthly mortgage payments. There is no limit to the amount these mortgages can be for either. However, the mortgage must be backed by Freddie Mac or Fannie Mae and can the borrower can not owe more than 105% of the total value of their home.

Refinancing a home mortgage now with the help of President Obamas “Home Affordability Plan” will save millions of homeowners hundreds of dollars every month. Get in touch with your mortgage lender or a potential lender today and see what kind of assistance you can get through this housing stimulus plan.
-M Petrone
www.RefinancingCondo.com

Great news for homeowners as President Obama announced his housing stimulus plan called the “Home affordability” stimulus plan. This plan makes refinancing a mortgage into a low 4.5% fixed rate easier for over 6 million homeowners. This will equal hundreds in savings every month.

With so many people eager to take advantage of the huge savings that could be had, I have listed here 2 key points in Obamas housing stimulus plan.

-Assist homeowners who do not have the usual 20% equity in their home required to refinance. The plan calls for incentives for mortgage lenders and banks who approve borrowers who would have been previously declined for a refinance due to not having enough equity in the home. This also helps a lot of homeowners who have seen their property values drop as the housing problems set in across the country.

-Allow easy and financially beneficial home mortgage modifications for homeowners who have mortgage backed by Freddie Mae or Freddie Mac. Most mortgages in the country are ultimately backed by one of these two giants, regardless of who your lender or bank is. They would call for a limit on the allowable monthly mortgage payment based on the borrowers monthly income. The payment can not exceed 38% of the borrowers gross monthly income.

Overall this plan will help a lot of homeowners who are struggling to make their financial ends meet every month. Also, with the rising unemployment rate and loss of hours, as well as market troubles, this stimulus plan could not come at a better time. While refinancing a home mortgage is not the best decision for everyone, millions of current homeowners can save a lot of money every single month on their home payments if they refinance the right way. Make sure you practice patience and do some simple research on potential mortgage lenders using the internet. Also, become familiar with the terminology used and the average rates and loan types across the country as well as in your area. Refinance the right way now and start saving money.

Here are some steps to help secure the best possible refinance or mortgage rate in Maryland. Know what you expect from the refinance, review and evaluate different mortgage rates and refinancing programs that are available, locate contact and research potential mortgage lenders, apply for some loans, and ultimately evaluate the offers you get. It helps a lot if you are organized and somewhat financially wise. However, it is usually best to rely on a good mortgage lender or bank, this will take a lot of the hard work out of your hands.
Compare a variety of Mortgage Rates.
Compare mortgage rates from a minimum of 4 different mortgage lenders or banks. Sites like mine at www.refinancingcondo.com usually have a variety of different offers from lenders displayed, as well as advice tips and methods to ensure you refinance the right way. Also use the internet to find some mortgage lenders and banks in Maryland.

Fixed Rate Mortgages in Maryland
The most common and traditional type of home mortgage loan is the fixed rate mortgage or FRM. A fixed rate mortgage means that the interest rate will never change regardless of market conditions. Also, fixed rate mortgages are amortizing, which means that when you are done paying off your home the debt will be paid off in full. Their will be no surprise balloon payments to have to face when you think your done paying your mortgage. Typically, a common fixed rate mortgage is 30 years long, although it is possible to get a 10, 15 or 20 year FRM as well, even 50 years with some mortgage lenders. Generally though the shorter the term that you can afford the better as you pay much less interest payments but your monthly payments are usually higher.
Savings on Mortgage Taxes in Maryland.
Luckily, the IRS does offer some significant tax saving advantages when you are a homeowner. With home ownership and mortgage debts, there are three tax deductible things that are allowed. Usually, you can get the most tax deductions in the first year or 2 of owning your home due to most of your payments going to the interest as opposed to the principal. Any loan points that you have can be deducted from your taxes in the same year that they are paid in. For refinancing however the points are almost always deducted through out the life of the mortgage.

Compare different Mortgages in Maryland
Keep some of the following things in your mind when shopping for the best interest rates and refinance deals.
-Use the internet to find and compare a wide variety of mortgage lenders. This is one of the best ways tp ensure you are getting the best refinancing deal, terms and conditions possible.
-Compare mortgage refinance offers and sort them by type. Always compare a fixed rate mortgage quote with another fixed rate quote. Never compare it to say an ARM (Adjustable rate mortgage) as the terms of the loans are different. Take the best offer of each type and compare those to see which will ultimately fit your financial needs the best.

-All things considered, lower monthly mortgage payments usually mean that you are paying less on the principal. In order to get the lowest payments, you might want to consider a loan which is more expensive over its lifetime. As long as you understand the trade offs between different loans there is no wrong answer. Paying faster though does have its advantages such as building equity in your home faster, and pay less in total interest payments.

The “Free State” of Maryland can provide you many great things and mortgage refinancing certainly is one of them. With mortgage lows at near record lows all over the country now is a great time to consider a home mortgage refinance.

-M Petrone
www.RefinancingCondo.com

Great news for homeowners as President Obama announced his housing stimulus plan called the “Home affordability” stimulus plan. This plan makes refinancing a mortgage into a low 4.5% fixed rate easier for over 6 million homeowners. This will equal hundreds in savings every month.

With so many people eager to take advantage of the huge savings that could be had, I have listed here 2 key points in Obamas housing stimulus plan.

-Assist homeowners who do not have the usual 20% equity in their home required to refinance. The plan calls for incentives for mortgage lenders and banks who approve borrowers who would have been previously declined for a refinance due to not having enough equity in the home. This also helps a lot of homeowners who have seen their property values drop as the housing problems set in across the country.

-Allow easy and financially beneficial home mortgage modifications for homeowners who have mortgage backed by Freddie Mae or Freddie Mac. Most mortgages in the country are ultimately backed by one of these two giants, regardless of who your lender or bank is. They would call for a limit on the allowable monthly mortgage payment based on the borrowers monthly income. The payment can not exceed 38% of the borrowers gross monthly income.

Overall this plan will help a lot of homeowners who are struggling to make their financial ends meet every month. Also, with the rising unemployment rate and loss of hours, as well as market troubles, this stimulus plan could not come at a better time. While refinancing a home mortgage is not the best decision for everyone, millions of current homeowners can save a lot of money every single month on their home payments if they refinance the right way. Make sure you practice patience and do some simple research on potential mortgage lenders using the internet. Also, become familiar with the terminology used and the average rates and loan types across the country as well as in your area. Refinance the right way now and start saving money.

-M Petrone
www.RefinancingCondo.com

You have most likely heard about President Obamas stimulus plan to help over 6 million homeowners modify or refinance their current mortgages. Here is some information you need to know whether you qualify.

More recently, the U.S. Treasury Department outlined the details of the plan and released more information on how this plan will work.

The first part of this plan will help 6 million homeowners who have not been able to refinance their home mortgage due to the vale of their home dropping and they now owe more than 80% of their homes value. Typically, to get a refinance, homeowners had to either bring money to the closing in order to get the 20% equity typically required to refinance, or purchase PMI (Private mortgage insurance) which can be very expensive.

The second part of this plan will help up to 4 million current homeowners modify their existing loans. These are usually borrowers who just for whatever reason can not afford their monthly mortgage payments and will default on their loan if something is not done, while other borrowers are dangerously close to being foreclosed on.

Obamas “Making Home Affordable” plan also provides mortgage lenders and banks with monetary incentives to help there two group of homeowners qualify easier, however, you will need to meet certain requirements. Check around my site for more information.

-M Petrone
www.RefinancingCondo.com

President Obama has recently announced his homeowner and housing stimulus plan which makes well over 6 million current homeowners eligible to refinance their mortgage into a new one with a 2% fixed rate. The stimulus package will provide huge monthly savings for homeowners.


Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specific percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultimately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

President Obama, and most everyone, are well aware of the economic difficulties this country is facing and the millions of homeowners who are struggling to make ends meet. Housing and property values have plummeted and the growing number of foreclosures only worsens things. Many homeowners who purchased their home just a few years ago have seen their property values drop substantially leaving them owing more than their home is worth. To address these problems, President Barack Obama and his economic advisors have launched his housing stimulus plan which will help homeowners refinance or modify their current loans into more affordable options. This plan will make it easier for homeowners to refinance who do not have the usual 20% equity in their home lenders require. Also helped are millions of homeowners who have their mortgages backed by Freddie Mac or Fannie Mae. If your property value has dropped more than 15% you are also eligible to take advantage of this stimulus plan. This plan will help over 6 million homeowners stay in their homes and refinance into a better home loan. This is also done in part by giving incentives to lenders or banks who refinance “riskier” customers, in the form of low interest loans to banks or mortgage lenders.

Under this plan, the most the allowable monthly mortgage payment can be must not exceed 38% of the homeowners total gross monthly income. Banks or mortgage lenders will also get a near dollars for dollar payment incentive from the government if they lower the monthly payments further to 31% of the homeowners gross monthly income. This is great news for a lot of homeowners who are currently out of work, have seen their income reduced, or just struggling to make ends meet every month. A large number of homeowners currently pay 40% or up to 50% of their monthly income towards their mortgage payment. A 20% reduction in that payment would add up to a whole lot of money to be used towards something else every month.

-M Petrone
www.RefinancingCondo.com

Usually, refinancing a home mortgage is for people who for whatever reason can no longer afford their high monthly payments or cope with the high interest rates. With interest rates at near lows across the country, many homeowners are looking to refinance their home mortgage to take advantage. Unless you shorten the length of your mortgage due to a large influx of cash, usually refinancing a home mortgage extends the length of time it takes to pay off your home. This is a tough situation for homeowners who are facing the retirement age. Keep in mind that if you are say 55 years old and think refinancing a home mortgage is the right step for you, you will most likely have a mortgage payment until you are 85 years old, and a fifteen year mortgage until your 70.

Refinancing a mortgage is a great way to lower your interest rates on your home loan but always keep in mind that there are closing costs and fees associated with a mortgage refinance. Sometimes a lender will offer a no cost or low cost mortgage refinance plan but they usually make up for this in the interest rate extended to you. Typically it is common for homeowners who refinance with a no or low cost lender pay up to $3,000 more than they would have if they paid closing costs upfront. However, a lot of times the homeowner is struggling to keep their home and will have to do this to save it.

When looking into home refinancing compare different lenders and choose ones who have the lowest closing costs or none at all. You should only refinance if the interest rate you are eligible to get is lower than your current one. Do not ever refinance into a higher interest rate mortgage, even to consolidate bills. You can file for chapter 13 if you are up to date and on time with your mortgage payments to consolidate the bills you may have instead of risking your home.

Make sure that your are refinancing for the right reasons. Refinance for the wrong reasons and you may lose your home. Always practice patience and do some basic research before signing anything to ensure you get the best deal possible.

-M Petrone
www.RefinancingCondo.com

When you have become really overextended with your credit card debts, it is high time that you consider possible options to come out of your credit card debt trap. Consolidating credit cards may be one of the favorable choices for you. Consolidation of your credit card debt carries a number of potential benefits for you. You can reduce your monthly bills and as a result, save a lot of money in the long run.

Credit card debt consolidation is certainly a quicker means to eliminate your credit card debt. When you are troubled with severe debt difficulties, you must take into account looking for expert consultations from a professional debt consolidation company. You can talk with them about your problems and they would help you determine which program is most suitable for you.

Following are some useful methods of consolidating your credit card debt:

1) You can take a credit card debt consolidation loan.

2) Cut down on your spending with credit cards. This would help you stop building up of debt. Make cash payments whenever it is possible.

3) Always pay higher than the minimum payment. This would help you lower both your principal balance and accrued interest quickly.

4) Snowballing your credit card payments is a proven technique of consolidating credit cards.

5) Try to negotiate with your card providers once again since they might offer you a lower interest rate.

6) Work out a realistic budget. Lower your expenditures and try to save more. Utilize the money saved to pay off your debts.

7) Transfer the balances of all your credit cards to a card that has the minimum or zero interest rate.

8) You can also cash out your life insurance policy for paying back your card debts.

9) Combine all your credit card payments into one. This would help you enjoy lower interest rates and monthly payments and save yourself from creditor harassment.

President Obama has recently announced the housing stimulus plan which makes over 6 million homeowners instantly eligible to refinance their mortgage into a 2% fixed rate. The stimulus package will provide lower monthly payments for a lot of current homeowners.


Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specifice percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultmiately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

President Obama already announced the housing stimulus plan which makes 6 million current homeowners eligible to refinance their mortgage into a fixed rate of 2%. The housing stimulus package will save hundreds of dollars monthly for homeowners.

Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specific percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultimately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

President Obama already announced the housing stimulus plan which makes 6 million current homeowners eligible to refinance their mortgage into a fixed rate of 2%. The housing stimulus package will save hundreds of dollars monthly for homeowners.

Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specific percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultimately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

Obamas Housing Stimulus Plan will help around 6 Million homeowners refinance or modify their existing loans. There are some eligibility requirements that I have included below.

General Qualifications for Homeowners and the Obama Refinance Plan
-The home which is to be refinanced needs to be occupied by the owner. The owner must live there.
-The mortgage loan is backed by either Freddie Mac or Fannie Mae, and must be a conforming loan.
-Your mortgage payments for the past 12 months are current and up to date.
-There is enough income to be able to afford the new mortgage.
-The existing loan has an LTV (Loan to value ratio) between 80%-105% of the homes current value.

The Main Obama Refinancing Program Features
A refinance is just obtaining a new loan and replacing your existing loan with that one. The main point of Obamas refinancing program is that it will allow the loan amount to exceed 80% of the homes value. Usually, before this plan, no new loans would be approved in which the amount exceeded 80% of the homes value. This helps a lot of homeowners who have seen their property values dramatically fall throughout this housing crisis.

Obamas Loan Modification General Qualifications
-The home loan must be controlled by Freddie Mac or Fannie Mae.
-The home in question must be the homeowners main residence.
-The mortgage must have originated before January 1st of 2009.
-For a single home, have a remaining balance less than $730,000.
-The mortgage hardships must be a result of financial hardship. This financial hardship can be the result of an increased mortgage payment, borrowers income being reduced or stopped, medical expenses, and a few other reasons that would increase the homeowners expenses and make it not possible to have enough money to pay the mortgage as well. You will be required to sign an affidavit of financial hardship.
-The monthly mortgage payment is over than 38% of the homeowners gross monthly income. This is also known as the debt to income ratio, or DTI.

Refinancing
a home mortgage now can be a very financially smart thing to do. With the introduction of Obamas housing stimulus plan, millions of homeowners are eligible to save hundreds of dollars per month. This will help a lot of foreclosures and mortgage defaults from happening. Talk to your bank or mortgage lender now and start the process of saving a lot of money.

-M Petrone
www.RefinancingCondo.com

Recently, Obama announced his housing stimulus plan which makes over 5 million homeowners instantly eligible for refinancing into a 2% fixed rate. This stimulus package will lower homeowners monthly payments so take advantage now.

Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specifice percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultmiately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

Recently, Obama announced his housing stimulus plan which makes over 5 million homeowners instantly eligible for refinancing into a 2% fixed rate. This stimulus package will lower homeowners monthly payments so take advantage now.

Here are some key elements to the proposed Obama housing stimulus plan:

*Help current homeowners who have seen their property or home values decrease by 15% or more with a option to refinance. This helps a lot of homeowners who have seen their property values drop in value in the wake of this mortgage crisis.

*Make loan modification and refinancing a home loan an easier, more beneficial to the borrower, process.

*To keep home mortgage interest rates locked in to a specifice percentage. Ideally a 2% interest rate across the board.

*Provide no assistance or help to market speculators. They ultmiately profit from other peoples downfall and should not be helped.

*Help homeowners who are facing foreclosure or may default on their mortgage by allowing them to more easily refinance their current home loan.

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

President Obama, has announced his home mortgage foreclosure stimulus plan. This stimulus makes over 5 million homeowners eligible to refinance their mortgage into a fixed 2% interest loan. Take advantage of this now while the stimulus policies remain in effect. Here is some key points to the stimulus plan.

Here are some key elements to the proposed Obama housing stimulus plan:

*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.

*Make it easier for current borrowers to modify or refinance their existing loans.

*Keep and control interest rates at a low ideally 2%.

*Provide no help for market speculators and those who profit on peoples financial downfalls.

*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 2%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

If you are facing foreclosure on your home, than a mortgage refinance may be the best thing you can do. Odds are, since you are reading this article, you are one of the hundreds of thousands of homeowners currently facing foreclosure, whether they know it or not. However, there is some great news. As this mortgage crisis escalates further, mortgage lenders and banks are feeling the pressure to do whatever they can to stop these foreclosures from happening.

Just a few years ago, banks and mortgage lenders were only willing to work with homeowners to a certain extent. Now tough, with the banks struggling with the weight of the bad loans, they will be much more flexible and usually be willing to settle for less profits for smaller but guaranteed profits.

Refinancing a home mortgage is a great way to reduce your monthly mortgage payment by lowering the interest rate without losing your home to a foreclosure. Unfortunately, this works best if you have missed a payment or two or have been late a few times paying. This way the lender understands you are a potential foreclosure risk should you not be able to refinance. Your bank or mortgage lender will be willing to help you, especially if they understand the urgency of this and that it is the only way.

Be sure to call your bank or mortgage lender and speak with the person or department that makes these refinancing decisions. Explain your current situation to whomever you speak with. Explain to them refinancing your mortgage is the only way to avoid a foreclosure. This is sure to get their attention and they will start to work with you on the right refinancing plan for you.

You can not ignore the problem you are in. The good news is though that odds are you can prevent it from happening, as long as you make the right choice. Refinancing your mortgage the right way can save you thousands of dollars over the long run and may help you save your home from a foreclosure.

-M Petrone
www.RefinancingCondo.com

Over 5 million homeowners will be able to refinance their home loan into a fixed rate 2% mortgage thanks to President Obamas housing stimulus plan. This stimulus will make it easier for homeowners to modify or refinance their current home loan and see big savings every month.

Here, I have listed some critical points of the Obama housing stimulus plan:

*Property values in some parts of the country have dropped by as much as 15% due to the housing crisis and this stimulus helps homeowners facing that very problem, get a refinance.

*Make mortgage refinancing or modification easier for all current and future homeowners.

*Have a set limit on mortgage rates and to cap them off at an ideal 2%.

*Provide no help or assistance to market speculators and people who profit on the downfall of the economy.

*To prevent foreclosures and mortgage defaults by helping current homeowners refinance their existing loan into a stable fixed 2% rate loan.

With times being tough right now for millions of homeowners, this stimulus plan plans to try and assist those homeowners who have been struggling to pay their mortgage and other bills, which have all seemed to increase, at the same time. This chance for homeowners to refinance into a fixed 2% mortgage will almost instantly raise home prices as less homes are foreclosed on and more are bought due to an increased level of confidence. Take advantage of this plan from Obama now and see if their are potential savings for you to take advantage of.

Refinancing a home mortgage is a big financial decision that should be done only with careful consideration. Mortgage rates have fallen all across the country and homeowners are rushing to refinance their mortgage to take advantage of the near record lows. However, refinancing a home loan is not always the easiest thing to do, it takes some money and time. Your personal financial situation also plays a role in the effectiveness of a mortgage refinance.

Fixed rate and Adjustable rate Mortgages.
If you currently have an ARM (Adjustable rate mortgage) and have seen your payments go up, you should definitely look into refinancing your home. If you have an adjustable rate that is low that can be a good thing, it is when it inevitably goes up over time that the high interest rate starts to really effect your financial stability. Odds are with a adjustable rate mortgage you will end up paying more in the long run than a fixed rate mortgage.
Fixed rate mortgages are usually the best bet for financing a home. Because the interest rate on the loan never changes in time, you know exactly what you will have to pay for the life of the loan. Financial stability is also something that comes with fixed rate mortgages. Although sometimes it is beneficial to have an ARM overall if you plan on living in your home for 5 years or more usually a fixed rate mortgage is the way to go.

Do not forget to consider the costs of refinancing.
When considering refinancing make sure you know how much closing costs and fees will add up too. Calculate the amount of time it will take to break even from the refinance, this is called the “Break In” period, and your mortgage lender can help you determine that. Sometimes refinancing fees can add up to thousands of dollars and do not make sense if you will be leaving or selling the home anytime soon.

Consider the amount of equity you have in your home.
If you have been living in your home for a while and been making your payments you have probably built up a good amount of equity. Usually if you have 20% equity in your home you will be able to refinance your loan for a lower total amount. This lower loan amount will mean lower monthly payments for you every month. This can be useful in a lot of refinancing cases when people have been living in their home for awhile.

Consider the terms of your mortgage.
Generally refinancing a home mortgage extends the length of it. Say you currently are 10 years into a 30 year mortgage and decide to refinance. Odds are when done refinancing you will have another 30 year loan not 20 years left to pay. However, some homeowners wish to pay off their mortgage earlier than expected and refinance into a shorter loan and maximize the low interest rates available now.

Finally.
Make sure that you practice patience and do some simple research on potential mortgage lenders, your credit rating, and market conditions and rate averages. This is the best way to ensure you save the most amount of money possible when refinancing your home mortgage.

-M Petrone
www.RefinancingCondo.com

Over 5 million homeowners will be able to refinance their home loan into a fixed rate 2% mortgage thanks to President Obamas housing stimulus plan. This stimulus will make it easier for homeowners to modify or refinance their current home loan and see big savings every month.

Here, I have listed some critical points of the Obama housing stimulus plan:

*Property values in some parts of the country have dropped by as much as 15% due to the housing crisis and this stimulus helps homeowners facing that very problem, get a refinance.

*Make mortgage refinancing or modification easier for all current and future homeowners.

*Have a set limit on mortgage rates and to cap them off at an ideal 2%.

*Provide no help or assistance to market speculators and people who profit on the downfall of the economy.

*To prevent foreclosures and mortgage defaults by helping current homeowners refinance their existing loan into a stable fixed 2% rate loan.

With times being tough right now for millions of homeowners, this stimulus plan plans to try and assist those homeowners who have been struggling to pay their mortgage and other bills, which have all seemed to increase, at the same time. This chance for homeowners to refinance into a fixed 2% mortgage will almost instantly raise home prices as less homes are foreclosed on and more are bought due to an increased level of confidence. Take advantage of this plan from Obama now and see if their are potential savings for you to take advantage of.

Refinancing a home mortgage is a decision that is usually made when the homeowner cannot afford the mortgage payments anymore. This can happen for any number of reasons. With job loss reaching highs, or maybe you have just not gotten a raise or have accumulated other debts. Sometimes homeowners refinance their mortgage in order to obtain a lower interest rate and save money every month. If your credit has improved, or even stayed the same, since you bought your home you may be a great candidate for a mortgage refinance into a new loan with better mortgage rates\, terms, conditions, or all of these. Your credit rating will have a big role in determining your interest rate. A better credit score means a lower interest rate. If you are having a hard time making those mortgage payments in full and on time every month, a mortgage refinance may be a great choice for you.

Another type of refinancing is extending the length of your current mortgage. You will be paying adding additional years worth of payments however the payments you do have will be lower. Doing this may also make you eligible to get cash back from the built up equity in your home. This cash can be used as you wish but generally should be used to better your financial future.

A home mortgage refinance can be done using your current lender or any bank or mortgage lender you can choose. It is very important to compare different rates, terms, and conditions of each lender and their refinance quote. This helps ensure you will be getting the best deal possible when refinancing. Properly refinancing a home loan is a great solution to figuring out how to save a lot of money every month. If it is done correctly it will better your financial future and increase your overall standard of living. Make sure to practice patience and do some basic research on potential mortgage lenders before actually applying. You have the power to walk out on any lender, and you should if you ever feel slightly intimated. There are a lot of lenders or banks who will work with you and try to save you money.

-M Petrone
www.RefinancingCondo.com

Over 5 million homeowners will be able to refinance their home loan into a fixed rate 2% mortgage thanks to President Obamas housing stimulus plan. This stimulus will make it easier for homeowners to modify or refinance their current home loan and see big savings every month.

Here, I have listed some critical points of the Obama housing stimulus plan:

*Property values in some parts of the country have dropped by as much as 15% due to the housing crisis and this stimulus helps homeowners facing that very problem, get a refinance.

*Make mortgage refinancing or modification easier for all current and future homeowners.

*Have a set limit on mortgage rates and to cap them off at an ideal 2%.

*Provide no help or assistance to market speculators and people who profit on the downfall of the economy.

*To prevent foreclosures and mortgage defaults by helping current homeowners refinance their existing loan into a stable fixed 2% rate loan.

With times being tough right now for millions of homeowners, this stimulus plan plans to try and assist those homeowners who have been struggling to pay their mortgage and other bills, which have all seemed to increase, at the same time. This chance for homeowners to refinance into a fixed 2% mortgage will almost instantly raise home prices as less homes are foreclosed on and more are bought due to an increased level of confidence. Take advantage of this plan from Obama now and see if their are potential savings for you to take advantage of.

President Obama and his financial gurus, have announced his home mortgage foreclosure stimulus plan. This stimulus makes over 5 million homeowners eligible to refinance their mortgage into a fixed 2% interest loan. Homeowners all over the country are starting to take advantage of this amazing chance to refinance their home and see big savings.

Here are some key elements to the proposed Obama housing stimulus plan:

*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.

*Make it easier for current borrowers to modify or refinance their existing loans.

*Keep and control interest rates at a low ideally 2%.

*Provide no help for market speculators and those who profit on peoples financial downfalls.

*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 2%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

Right now in America the economy is going through some rough times and remains unstable. However, there are things you can do to improve your personal financial situation such as refinancing your home mortgage.

There are a lot of reasons people choose to refinance their home. The top 2 reasons though are usually to get out of an ARM (Adjustable rate mortgage) and into a fixed rate mortgage, or to get better interest rates or terms than your current loan has. Both instances will almost overnight, stabilize your financial future into manageable terms and conditions with payments you can afford and predict. Obtaining a lower interest rate will make your monthly mortgage payments lower. This will free up extra money for you every single month to do with as you wish. Refinancing in order to get out of an ARM loan and into a stable fixed rate loan can be a big relief of the unknown. You will know your exact payment every month instead of letting the market and your lender determine your monthly mortgage. This gives you financial stability and will help you plan your life's expenses easier.

Check first with your current lender for their offers to help you refinance. A lot of banks and lenders are struggling right now, just as much, or more, than even some individuals. Refinancing typically means that will be one less foreclosure to have to pay for or face in the future. If however your current lender is unwilling or unable to help you, know that you have a choice to choose any lender you wish. Start by checking local banks and mortgage lenders close to you. Often, a local company will give extra care and attention to you and your specific needs and improve your financial situation. Other options include large banks or mortgage lenders. They are easily researched and found using the internet, magazines, or newspapers. They have the means and connections to improve, to at least some degree, almost anyones financial woes, regardless of personal finances.

One of the greatest ways to improve the chances of getting a home mortgaged refinanced is to make sure that your personal finances are in the best order they can be. This is basic stuff here. Make sure bills are paid in time and in full. Try to pay off any lingering debts you have and do not extend, or open new lines of credit prior to applying for refinancing.

The best thing you can do is practice patience and perform basic research before refinancing a loan. If it is done the right way you will save a lot of money every month on your payments. However, if it is done wrong, it will cost you a lot and set your financial goals back. Good luck and be careful.

-M Petrone
www.RefinancingCondo.com

President Obama and his financial gurus, have announced his home mortgage foreclosure stimulus plan. This stimulus makes over 5 million homeowners eligible to refinance their mortgage into a fixed 2% interest loan. Homeowners all over the country are starting to take advantage of this amazing chance to refinance their home and see big savings.

Here are some key elements to the proposed Obama housing stimulus plan:

*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.

*Make it easier for current borrowers to modify or refinance their existing loans.

*Keep and control interest rates at a low ideally 2%.

*Provide no help for market speculators and those who profit on peoples financial downfalls.

*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 2%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

A lot of homeowners have attempted to refinance their home mortgage or apply for a loan modification only to be denied. Banks have given the runaround to consumers while access to government assistance programs has been scarce. However, things are going to change with Obamas housing stimulus plan, which was just passed, and due to some of the lowest interest rates in history. This stimulus plan gives incentives to mortgage lenders to allow homeowners to refinance their home loans into a more manageable rate. This should save roughly 5 million homeowners a lot of money every single month. This stimulus plan from Obama also allows homeowners who owe up to 5% more on their mortgage than their home is worth to more easily modify or refinance their loan into a more financially sound loan. This helps a lot of homeowners who have seen their property value drastically decline and probably bought their home when the housing “boom” was happening. This stimulus plan will help a lot of homeowners avoid foreclosure as well. Foreclosures hurt everyone involved as money is almost always lost on all ends. Check my site for more details. You probably qualify for the stimulus plan and can start saving a lot of money now.

Recently, Obama and his economic advisers, unveiled his home mortgage foreclosure stimulus plan, which helps 5+ million current homeowners eligible for mortgage refinancing or modification into a fixed 2% rate loan. Homeowners all over the country are starting to take advantage of this amazing chance to refinance their home and have lower monthly mortgage payments.

Here are some key elements to the proposed Obama housing stimulus plan:

*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.

*Make it easier for current borrowers to modify home their existing loans.

*Keep and control interest rates at a low ideally 2%.

*Provide no help for market speculators and those who profit on peoples financial downfalls.

*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 2%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

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