Earlier this year, President Barack Obama announced his housing refinance and modification plan which lets homeowners refinance or get a loan modification into a fixed rate 4.5% mortgage. Using this plan for yourself is easy, and the savings can be huge. Here are some of the more important points:

-Homeowners all over the country are in a home which has dropped by 15% or more in value. This is due mainly to the bad economy, and the worse housing market. Now these homeowners can get lower monthly payments, and a more appropriate mortgage with lower monthly payments.

-Refinancing or home loan modification will now be easier and more streamlined than ever before.

-President Obama and the Federal Reserve would like to keep rates at 4.5% and will try to do what they can to hold the interest rates there.

-Help homeowners before they are in foreclosure or default on their loan by offering a way out with a 4.5% fixed rate refinancing or mortgage modification.

The housing market is facing tough conditions. However, by using this plan from Obama, a homeowner can easily save hundreds per month through mortgage modification or refinancing. Most mortgage lenders and banks are using this plan as guidelines for their own approvals. Even if you have been turned down before for a loan refinance or modification, you should apply again. Millions of homes will go into foreclosure, but this plan can stop most of them. This plan should help the housing market, and the overall economy. Refinancing has never been more easy or beneficial for a homeowner as it is right now, especially with Obamas “Making Home Affordable” plan. You owe it to yourself to call your lender or bank and see the options that may have opened up for you thanks to this plan.

-M Petrone

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