A lot of homeowners have applied for a home loan refinancing or modification during these tough economic times, only to be turned down.. Well now, with President Obamas “Making Home Affordable” plan, millions of homeowners are able to get a fixed rate 2% home loan. The savings for a homeowner easily add up to hundreds per month, and here is how:

Basically, the “Making Home Affordable” plan will give cash incentives to mortgage lenders and banks in order to minimize their risks and allow them to approve more loan refinance or modification applications from struggling homeowners. This means that getting approved is now easier than ever, and more in the borrowers favor than ever before. Generally, anyone who has, in one way or another, been affected from the struggling economy is eligible to take advantage of this plan.

When creating this plan, President Obama had a goal of stimulating the housing market while at the same time enabling millions of homeowners to be able to stay in their home. This plan will help new home buyers, homeowners looking for a mortgage refinancing or modification, or help homeowners facing foreclosure to save their home. This “Making Home Affordable” plan is a $75 billion Government backed housing bailout program. This plan gives all homeowners, regardless of financial situation, more options when looking to get an affordable monthly home loan payment.

Now, that this “Making Home Affordable” plan is in full swing, in may be a great time to look into the potential savings a home mortgage refinancing or modification may provide. You owe it to yourself, and your financial future, to at least take a little time and see how much you will be able to save through the use of Obamas stimulus plan.

-M Petrone

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