Mortgage interest rates can be slashed to as low as 2%, and even homes that are worth less than the mortgage can get home loan refinancing or modification. President Obamas “Making Home Affordable” plan is a housing stimulus which will allow homeowners the chance to get a more affordable mortgage.

This is all because of the high number of foreclosures, mortgage defaults, and struggling homeowners. Entire neighborhoods are being devastated and housing values are plummeting. Mortgage interest rates are currently near all time lows, and combine that with this Obama stimulus plan, millions of homeowners can benefit. There is over $75 billion in funds available to mortgage lenders who abide by the programs rules, and assist homeowners in getting a lower monthly mortgage rate.

Some of the benefits of this mortgage stimulus plan can include:

-Mortgage rates lowered to 2% in order to meet the requirement that the home loan is less than 31% of a homeowners gross monthly income.

-The length of a home loan can be extended to assist homeowners in getting a lower payment.

-ARM loan refinancing options are available to give the homeowner a better, stable, fixed rate mortgage.

-Homeowners can owe up to 5% more on the mortgage than the home is worth.

These are just a few of the benefits now available to homeowners in all sorts of financial situations. Getting refinancing for a hoe loan is better than ever, and easier to get. Any homeowner who is looking for a way to save money, or their home, should look further into this plan and contact a mortgage lender or bank.

-M Petrone

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