The Federal Government and President Obama have enacted their home mortgage refinancing and modification stimulus plan which would allow homeowners a chance to refinance into a new 2% fixed rate mortgage. An estimated 9 million homeowners can easily take advantage of this plan and save hundreds every month.

Here, I have listed some of the main points that will help homeowners who refinance using Obamas stimulus plan:

-The Federal Government would keep and set interest rates for all homeowners who refinance at a fixed rate 4.5%.

-Refinancing or modifying a home mortgage would be easier and more streamlined for all homeowners.

-Help homeowners who have seen their property value drop by 15% or more as a result of this mortgage crisis.

-Help homeowners who are facing foreclosure or defaulting on their mortgage by allowing them to refinance their home mortgage into a fixed rate 4.5% home mortgage.

Times are tough for millions of homeowners and the Obama administration is aware of that. As a result they have unveiled their home mortgage refinance stimulus plan which will save millions of homeowners hundreds of dollars every month, and maybe even their home from being foreclosed on. This mortgage package should bring some stability and consumer confidence back into the housing market which would help all homeowners. Consider refinancing your home loan today and see what the potential savings can be.

-M Petrone

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