Tomorrow March 4th, President Obama will reveal his mortgage foreclosure housing stimulus plan that will almost instantly allow millions of homeowners a chance to refinance their mortgage into a 4.5% fixed rate mortgage.

Here I have some key points of this housing stimulus plan from Obama.
-To help homeowners who have seen their property or home values fall more than 15%. This will help homeowners who have been most effected from the housing crisis and allow them to refinance with lower monthly payments.

-Make refinancing or modifying a current home loan easier than it is now.

-Control and keep interest rates low, near if not at 4.5%

-Do not provide government relief for market speculators who profit on the financial problems of homeowners.

-To help current homeowners get into better mortgage by refinancing at a 4.5% rate. This should prevent a lot of foreclosures and people from defaulting on their mortgage.

Good responsible homeowners who have been struggling to make their monthly mortgage payments should be able to see the effects of this stimulus package by as early as April. Allowing homeowners refinancing at 4.5% could not come at a more perfect time as millions are losing their jobs, facing foreclosure, or just have financial problems in general. With the extra money these homeowners save ideally it will be used to pay off other bills, credit cards, auto loans, home improvements, or whatever you can think of. This should help boost the economy as a whole and not just the housing sector. Also, homeowners may expect to see their property values rise as more homes are bought and less are foreclosed on. Wait until March 4 for the complete package and its details when it is released by Obama.

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