Homeowners all across the country are now eligible to refinance their home mortgage thanks to President Barack Obamas Home Mortgage Refinance and Modification Plan. This plan, makes an estimated 9 million homeowners eligible for a mortgage into a fixed rate 4.5% home loan. The savings for homeowners can easily be hundreds per month. Here's how:

-The Federal Reserve and President Obama would both like mortgage rates to be set at a flat 4.5% fixed rate for a 30 year mortgage for all homeowners, current and potential.

-Mortgage lenders and banks will be given cash incentives to loosen the refinancing requirements and allow more homeowners who are at risk of losing their home, a chance to refinance.

-Homeowners who currently have their home mortgage insured or owned by mortgage lending giants Fannie Mae or Freddie Mac will automatically qualify for a home mortgage modification.

-Homeowners who have remained current on their payments and are facing some type of financial hardship such as; loss of income, loss of job, medical bills, or other debts will qualify for a mortgage refinance into a 4.5% fixed rate.

-If a homeowners property values have dropped by 15% or more, they will be able to refinance their home mortgage much easier than ever before. This helps a lot of homeowners who have seen their property values drastically drop as a direct result of this mortgage crisis.

This mortgage stimulus plan will be a great financial benefit to millions of homeowners. Taking advantage of this plan, combined with the near record low mortgage interest rates available all over, and homeowners could potentially save hundreds of dollars per month and own their home in the same amount of time. The restrictions and typical requirements such as 20% equity in your home in order to refinance have been temporarily been lifted in order to save homeowners from foreclosing on their home or defaulting on their mortgage. Refinance now and save yourself, and possibly your home.

-M Petrone

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