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

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