President Obama has followed through on his promise to help over 9 million homeowners struggling to make their monthly mortgage payments. The “Making Home Affordable” package provides homeowners with a chance to refinance or modify their home loan into a fixed 2% rate. Here is how:

President Obamas mortgage stimulus plan targets two types of homeowners who have been most effected from the current mortgage crisis.

-The first group includes around 5 million homeowners who have seen the value of their home drop in this bad housing market, but who are not facing foreclosure, will now be able to easily refinance into a new home loan.

-The other part of the plan helps an additional 4 million homeowners who have adjustable rate mortgages (ARM loans), have their loans temporarily modified into a better lower interest loan, for at least 5 years.

The Federal Government has set aside over $75 billion to aid homeowners under this mortgage refinance stimulus plan. Homeowners should take advantage of this great chance to refinance and save hundreds monthly on their mortgage.

-M Petrone

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