The recently enacted mortgage stimulus refinance program from President Obama will help millions of homeowners save hundreds per month through refinancing their home loan into a new 2% fixed rate mortgage. This “Making Home Affordable” plan has easy eligibility requirements, and can be used now to start saving money, here is how:

-Right now, there are new grants and loans available to homeowners, regardless of their past credit score. These government backed loans will help homeowners find some short term relief with ultra low interest rates and easy flexible terms. These will need to be paid back, eventually, but are a good source for some short term financial help, maybe to ensure you do not miss a mortgage payment, and millions are eligible.

-Homeowners who are facing “Financial Hardships” can now refinance or modify their home loan under the guidelines of this mortgage stimulus plan from Obama. This means that a fixed rate 2% home mortgage could be gotten from these homeowners. A “Financial Hardship” can be hospital bills, loss of job, loss of income, or a big list of other things. Under this plan homeowners monthly mortgage payment will never exceed 31% of their gross monthly income. Another bonus of using this plan to refinance or modify your mortgage is that your total debt payments every month, including your mortgage, credit cards, auto loans and other bills, must not equal more than 51% of your total gross monthly income.

-Both President Barack Obama and the Federal reserve would like home interest rates locked, for all homeowners, into a fixed 2% home mortgage interest rate.

-Homeowners who are facing foreclosure can apply for a streamlined mortgage refinance which will allow them to quickly refinance their home, possibly saving foreclosure, and still acquire the 2% fixed home interest rate.

-Homeowners can now receive free assistance from professional mortgage counselors from HUD. This mortgage refinance program allows homeowners the free use of a professional mortgage counselor to help them in their dealings with banks or mortgage lenders when refinancing or modifying a home loan. These mortgage counselors will act on your behalf and represent you when dealing with mortgage lenders and banks.

-Millions of homeowners have seen their home values drop by more than 15% as a result of this mortgage crisis. Now these people will be able to perform a home mortgage refinance into a fixed 2% interest rate.

Homeowners all across the country are struggling to pay their other bills and mortgage during these hard economic times. Home foreclosures and mortgage defaults are at all time highs, which makes things even worse in the housing market. Luckily, President Obama has enabled his mortgage stimulus refinance plan just in time to save millions of homeowners. The savings from this plan can easily add up to hundreds of dollars per month, thousands over the course of the loan. Taking advantage of this plan to refinance your home into a 2% rate will be a great financial plan for a lot of homeowners who need to save money, or more importantly, their home.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner