Luckily for homeowners, President Barack Obama is fully aware of the problems facing homeowners during these tough economic times the U.S. is going through. In response to this, Obama has enacted his mortgage stimulus plan which will allow millions of homeowners the chance to refinance or modify their current mortgage into a fixed 4.5% rate. This is in response to the falling home prices, the rising foreclosures, and homeowners who have a reduced income or have lost their jobs. Many homeowners who bought their home a few years ago have seen the value of their homes plummet as the mortgage crisis took over. This left many homeowner with mortgages that were worth more than their homes. This home stimulus plan will allow homeowners a chance to refinance with the governments help. The government will give cash incentives to mortgage lenders or banks who approve refinancing to homeowners who are in some kind of financial hardship. This means that the eligibility requirements typically needed to refinance, such as 20% equity, are usually waived as mortgage lenders and banks approve more at risk homeowners with less risk to them. The Obama administration estimates that nearly 9 million homeowners will be able to take advantage of this government program. Both the Federal Reserve and Obama would like to see home interest rates stay at a fixed 4.5% rate for everyone, current and potential homeowners. The savings that can be had can easily be hundreds of dollars per month. Even if you have not qualified or been approved for a mortgage refinance before, odds are now you can. Take advantage of this amazing opportunity to refinance your home mortgage while interest rates are near all time lows.

-M Petrone

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