Recently, President Obama announced his Home Mortgage Stimulus package which allows millions of existing homeowners the chance to refinance or modify their home mortgage into a fixed 4.5% rate. The “Home Affordability” plan lets homeowners everywhere save a lot of money. Here is how it works:

Right now, there are a lot of grants that are available to a homeowner, regardless of their credit history or rating. This Government backed program is designed for short term financial help, and are not a long time solution. These loans can be used though to pa y down other debts which will help you in saving money.

Currently, Home Loan Modification programs are available to lots of homeowners who are in a “Financial Hardship” which can be anything form medical bills, to job loss, loss of income, or other high interest debts. The mortgage modification programs that are available allow a homeowner to get a new monthly home payment that will not exceed 31% of their gross monthly income.

The total amount of all debts, which includes your home payments, will not exceed 51% of your monthly income if you take advantage of this Obama Stimulus plan.

Homeowners would benefit from the fact that home interest rates would be set at a fixed 4.5% rate due to both Obama and the Federal Reserve wanting to keep the rates low.
Now, homeowners will be able to get free Mortgage Counseling from a HUD appointed home loan counselor. These mortgage counselors will act on your behalf when talking to banks and mortgage lenders, and all for free.

If you are a homeowner who has seen their property value drop by 15% or as a result of this housing crisis, you will now be able to refinance or modify your loan into a 4.5% fixed rate. This will help millions of homeowners who have seen the property values of their homes drop.

Luckily, President Obama is aware that the economy is going through hard times right now, and is making an effort to help homeowners everywhere. The Federal Government has set aside well over $75 billion in funds to assist homeowners refinancing or modifying their home mortgage. With home foreclosures happening everywhere, and property values rapidly dropping, this stimulus plan will help stabilize the market and home prices should start going up as a result. Refinancing or modification of a mortgage, and doing it the proper way, will save a homeowner a lot of money, especially when using this “Making Home Affordable” plan from President Obama. See how much you can save and talk with a mortgage lender or bank.

-M Petrone
www.RefinancingCondo.com

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