Homeowners, now is the time to refinance your mortgage. President Obamas stimulus plan allows homeowners an easy path to a beneficial home loan refinancing. Billions of dollars of aid are available, and getting help is easy.

This plan, is a $75 billion effort to help struggling homeowners, and the bad housing market. Mortgage lenders and banks get money, initially, and every successful year, they are able to help a homeowner. That means, that right now, it is in the best interest of mortgage lenders and banks to offer you some of the best mortgage rates, terms, and conditions possible, to ensure you can pay, and keep paying, your home loan.

Here are some situations where this plan makes refinancing easier, and better, than it was in the past for a homeowner to get approved for a refinance:

-Financially hurting homeowners can more easily get approved for help with their home loan. This includes homeowners who have lost their job, have seen their property values drop, have an increasing mortgage, or are facing other financial obstacles which are out of there control. A letter of “financial hardship” stating your problems, solutions, and why it is important to save your home should be included with your application.

-Homeowners now need less equity, or the cash equivalent, in order to get approved for refinancing from a traditional mortgage lender. In fact, homeowners who owe as much as 5% more on their mortgage than the home is worth can get refinancing with this stimulus plan.

-All closing costs and fees are to be covered by the money the lender gets from this program. What that means for homeowners is no closing costs or fees, which usually add up to thousands of dollars.

-Mortgage rates can be lowered to 2% and home loans can be extend in years in order to lower payments to an acceptable level. The maximum a mortgage can be after using this plan for refinancing is 31% of a homeowners gross monthly income.

Homeowners need to realize that now is the time to take advantage of this plan and get a better mortgage. Contact your bank or lender today, and ask how you can get assistance from Obamas stimulus plan.

-M Petrone

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