Right now, millions of homeowners are eligible to refinance their home loan into a new fixed rate 2% home mortgage by taking advantage of President Obamas Home Mortgage Refinance plan. Refinancing a mortgage using this package will save the average homeowner hundreds of dollars per month, here is how:

-This mortgage refinance stimulus plan makes new loans and grants available to homeowners for short term financial help. These loans and grants are ultra low interest and can be used to pay down other higher interest debts that may be hindering your current finances.

-Cash incentives and tax breaks will be given to banks and mortgage lenders who approve homeowners for a modification or refinance using the guidelines set by Obama in his “Making Home Affordable” stimulus plan. Things like 20% equity in your home, which were typically required for a refinance before, are now not necessary due to mortgage lenders and banks risks being minimized, the approval rates for a refinance will be better.

-Homeowners who are willing to sign an affidavit of “Financial Hardship” will now be eligible to refinance their home into a fixed rate 2% home mortgage. This “Financial Hardship” can be hospital bills, tuition, credit card debts, loss of job, loss of income, or an increasing interest rate which is driving up your mortgage payments.

-Homeowners who have a mortgage backed by either Fannie Mae or Freddie Mac are eligible for a mortgage modification using the Obama stimulus plan. This plan will let these homeowners refinance into a 2% fixed rate loan and save a lot of money. Homeowners with a mortgage backed by either of these 2 lenders are automatically eligible.

-Homeowners who happen to be in immediate danger of losing their home to foreclosure, can be put on a fast track streamlined refinance program that will help them have a greater chance of saving their home, and keeping their home, by allowing them to refinance into a new fixed rate 2% mortgage.

-A lot of homeowners have lost significant value in their home values, some by 15% or more. These homeowners are automatically eligible to refinance their home into a new fixed rate 2% home mortgage.

The housing market will hopefully start to recover as consumer confidence increases. This mortgage stimulus plan will help millions of homeowners save hundreds of dollars every single month, and maybe more importantly their home. As stated by the Obama administration, an estimated 9 million homeowners are eligible to take advantage of this home mortgage stimulus refinance package right now. Consider taking President Obama up on his offer and refinance your home loan today.

-M Petrone
www.RefinancingCondo.com

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