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

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