It is Official. President Obama has enacted his "Making Home Affordable" plan which will save homeowners hundreds of dollars every month. This will be done by offering existing homeowners the chance to refinance or modify their current mortgage into a new one with a 4.5% fixed interest rate. Here is some more details:

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 stimulus plan. Homeowners should take advantage of this great chance to refinance and save hundreds monthly on their mortgage.

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