Recently, in response to the mortgage crisis going on, President Obama has announced his “Home Affordability Plan” which is a mortgage stimulus plan that will help millions of homeowners save hundreds of dollars monthly. As housing prices have plummeted many homeowners now find themselves with less equity in their home than they had 5 years ago or now owe more on their mortgage than their home is worth. To combat this, President Obamas mortgage plan lets homeowners refinance their mortgage even if the homeowners does not have the traditional 20% equity required to do so. This refinancing plan also allows homeowners who have a mortgage from Freddie Mac or Fannie Mae to be eligible for loan modification no matter what. Mortgage lenders and banks are being offered cash incentives from the government to approve more refinance and modification applications to help cover their risk and take on more customers. Millions of homeowners will be eligible to save a lot of money every month by refinancing. Check with your current lender or potential banks or mortgage lenders to see how much you can save by refinancing your home mortgage.

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