Finally some relief for homeowners as President Barack Obamas mortgage stimulus plan, also called the “Home Affordability Plan”, will allow millions of homeowners the chance to refinance their mortgage into a stable 4.5% fixed rate home loan. Millions of homeowners will save hundreds of dollars using this stimulus package.

I have included some of the main components of this housing stimulus plan below:

-Help homeowners who have seen the value of their property fall due to this recent housing crisis. This plan will allow homeowners who have seen the value of their property fall by at least 15% or more a chance to refinance and obtain lower monthly payments.

-Make the qualifications for refinancing or modifying a home loan easier. This will allow more current homeowners the chance to refinance and avoid foreclosure or defaulting on their loan.

-The Federal Reserve and President Obama both believe, and want, home interest rates to stay at a low 4.5% fixed rate for all homeowners and new home buyers.

-Use this 4.5% fixed rate mortgage with the easier home refinancing qualifications to help homeowners get into a new home loan which will save them a lot of money every month and avoid foreclosure.

An estimated 9 million homeowners will be able to qualify for some type of government assistance with their mortgage using these new government home stimulus plans. Homeowners who are facing financial difficulties, as many are these days, should take advantage of this great chance to refinance their mortgage and save a lot of money every month. This mortgage crisis has wreaked havoc on all aspects of the housing market, this stimulus bill will return some confidence to the market and things should start to stabilize. Refinance the right way now and save a lot of money every single month.

-M Petrone
www.RefinancingCondo.com

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