Great news for millions of homeowners due to President Obamas mortgage refinance stimulus plan. This "Home Affordability Plan" will allow an estimated 9 million homeowners a 4.5% fixed rate home mortgage refinance. The savings could easily add up to hundreds of dollars per month, here is how:

-The government will give cash incentives to mortgage lenders and banks who approve at risk homeowners for refinance or modification using the guidelines of this stimulus plan. This means that the eligibility requirements for refinancing are much more lenient than they have ever been. Things like 20% equity in your home, typically needed to refinance, are no longer needed if the lender is following the stimulus plans guidelines.

-A lot of homeowners have seen the value of their property drop by 15% or more due to this mortgage crisis. In this case, the homeowners will be able to refinance into a fixed rate 4.5% home loan.

-Fannie Mae and Freddie Mac owned or insured home loans will automatically be eligible for a mortgage modification. The only requirement is some type of financial hardship such as loss of job, loss of income, hospital bills, and a long list of other hardships. The new monthly mortgage payment may not exceed 31% of the homeowners gross monthly income.

-Homeowners who are facing immediate foreclosure can refinance using a streamlined quick closing approach that this mortgage stimulus plan offers. This will help curb some of the growing number of foreclosures and help stabilize the overall economy.

-Refinancing or modifying a current home loan will now be easier and make more financial sense for homeowners.

-The Federal Reserve as well as President Obama would like to keep home mortgage interest rates at a fixed 4.5% for all homeowners, and new home buyers.

Refinancing a home mortgage into a fixed 4.5% interest rate will save millions of homeowners hundreds of dollars every month. The housing market will eventually recover and home prices will rise again and this stimulus package will no longer be in effect. Take advantage of this amazing chance to refinance your home loan today and potentially save thousands of dollars over the course of the home loan. The rush to refinance home mortgages is on and you should at least look into it to see potential savings. Refinance now and save hundreds of dollars every month, and possibly your home.

-M Petrone
www.RefinancingCondo.com

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