Right now, millions of homeowners are eligible to get a mortgage refinancing through President Obamas “Making Home Affordable” plan. This plan will allow homeowners the chance to get 2% interest rates, refinance a mortgage that is worth more than a home, save huge money on monthly payments, or get out of an ARM loan.

President Obama believes that helping the struggling homeowners is a way to help the housing market, and overall economy. That is great news for homeowners. The high number of foreclosures and mortgage defaults is a big concern for everyone, and this plan will help that. Through this plan, millions of individuals will be able to save their home. With over $75 billion in assistance being given out to homeowners, the money is there to help almost anyone.

Here are a few situations which a homeowner would really be able to benefit from President Obamas “Making Home Affordable” plan:

-Homeowners who are stuck in an ARM loan and wish to get a more stable fixed rate mortgage.

-Homeowners who pay too much interest, and are barely able to pay their mortgage every month.

-Homeowners who have lost a job, gotten reduced wages, or are facing other financial hardships.

-Homeowners who have seen their home drop in value.

These, plus many other situations make homeowners eligible to use this Government stimulus mortgage program for their own home.

With this plan, mortgage rates can be reduced to 2%, or a home loan can be extended in length, This is all to meet the stimulus plan requirements that say a homeowner should pay no more than 31% of their gross monthly income towards their mortgage.

Many homeowners should use this program to improve their mortgage, or save their home from being lost. Do not hesitate to contact your lender and see the potential this program has for you. Most likely, you will be able to save a lot of money.

-M Petrone

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