The"Home Affordability Plan" from President Obama makes 1 of 9 homeowners eligible to refinance their home mortgage into a fixed 4.5% rate now this home mortgage stimulus plan. The plan makes refinancing a home loan easier than ever and allows savings of hundreds of dollars every month on their mortgage payment.

I have listed below some of the eligibility requirements for Obamas mortgage refinancing plan:

*Homeowners whose property values have dropped 15% or more. This helps millions of homeowners who have seen the value of their house drop due to the mortgage crisis.

*Loan modification and refinancing are available to all homeowners who have a loan backed or insured by Freddie Mac or Fannie Mae.

*The Federal Reserve would like to see interest rates set at 4.5% fixed rate for all homeowners and new home buyers.

*The home that needs to be refinanced must be the primary residence of the homeowner.

*Millions of homes will not be foreclosed on due to this mortgage stimulus plan from Obama. This means that property values will rise again as foreclosures stop and the markets pick back up again.

Refinancing a home mortgage right now can be a great money saving tactic for millions of homeowners. President Obama has made it easier than ever to refinance or modify your home loan and save a few hundred every month. If you have considered refinancing but did not think the savings would be worth it, now is the time to do some research. Talk to your mortgage lender and see how much potential savings you can get through refinancing. Homeowners all over are saving money thanks to this plan and you can too.

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