President Obama has recently laid out in detail his mortgage stimulus plan which allow millions of homeowners the option of refinancing their mortgage into a stable fixed 2% rate home loan. Right now, millions of homeowners are eligible to refinance their mortgage using this mortgage stimulus plan and will start saving lots of money.

Here are some of the main points of this Obama housing stimulus plan:

-Help homeowners who have seen the value of their property seriously drop, by 15% or more, refinance with lower monthly mortgage payments. This will help homeowners whose property or home has lost some value throughout this mortgage crisis refinance into a better loan for their home.

-Make being approved for home mortgage refinancing or modification easier and more beneficial to homeowners.

-The Federal Reserve and President Obama would like to see home interest rates stay at a fixed 2% for all homeowners and potential home buyers.

-To refinance using this mortgage stimulus plan the home must be the primary residence of the homeowner. Investment, second, or vacation properties do not qualify for refinancing using this government mortgage stimulus program.

-Provide help to existing homeowners before they start facing foreclosure or mortgage default by allowing them to refinance their home mortgage into the fixed 2% rate.

The tough economic times that everyone is going through have really taken a toll on homeowners. Refinancing a home mortgage now using this Obama stimulus plan will enable millions of homeowners to save lots of money and maybe more importantly, prevent a lot of homeowners from being foreclosed on and losing their home altogether. Mortgage lenders and banks are approving more refinance applications than ever thanks to this stimulus package and homeowners are taking advantage all across the country. Refinance your home mortgage now using the Obama “Home Affordability Plan” and start seeing big savings every month.

-M Petrone

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