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”.

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