Homeowners who have a mortgage with Ditech (GMAC) should use President Obamas stimulus plan to get a refinance or home loan modification. The “Making Home Affordable” plan from Obama will allow homeowners a chance to get a low 4.5% fixed rate through refinancing or mortgage modification Here is some information for homeowners looking to save money through this plan:

Homeowners everywhere are now eligible to use this plan, even if they have been turned down from Ditech before. The guidelines in Obamas stimulus plan give cash incentives to mortgage lenders such as Ditech, to minimize their risks and allow them to approve more applications. Millions of homeowners can use this plan, here is some more information.

-The home to be refinanced must be lived in as a primary residence of the actual homeowner. This plan will not assist people with their vacation, second, or rental properties.

-Mortgage interest rates can be reduced to as low as 2% due to mortgage lenders and banks needing to meet the plans guidelines. One of these guidelines is that a homeowner, after a loan modification, should not pay more than 31% of their gross monthly income towards their home loan every month. In order to do so, interest rates may be reduced to as low as 2%.

-Mortgages may be refinanced or modified into 20, 30, or even 40 years in length in order to meet the requirements from Obamas plan.

Homeowners everywhere can use this plan to their advantage and get a more affordable monthly mortgage payment through loan modification or refinancing. When a homeowner uses a mortgage lender with the reputation, size, and experience as Ditech does, they can rest assured that the best people in the industry are on the case. Millions of homeowners can easily save a few hundred dollars per month, just by taking some time to talk to Ditech. Start saving now and take action.

-M Petrone
www.RefinancingCondo.com

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