Since the economy has been struggling lately there are many homeowners who have applied for home refinancing or loan modification but have fallen short because they have been denied. President Obama is aware of the rough situation many find themselves in and has enacted the “Making Homes Affordable Plan”. With this plan there are millions of homeowners who are now able to get a fixed rate of about 2%. This can easily save homeowners hundreds of dollars a month. Here is how you can get some savings:

The “Making Homes Affordable Plan” will offer mortgage lenders and banks incentives for working with people in difficulties. The incentives are there to lessen the lenders and banks risk. The less the risk the lenders have to take the more likely they are to work with those facing financial hardships. What this translates into is this is the best time for anyone looking for a home refinance or loan modification. It is safe to say that if you have been impacted by the struggling housing market and economy you will qualify for Obamas plan.

President Obama has created this plan to help stimulate the struggling housing market and also allow millions of homeowners to keep their homes. This plan can help those looking to purchase a new home, those facing foreclosure and those who have already purchased their home and are looking to refinance or modify their current mortgage. This “Making Homes Affordable” plan is backed by $75 billion from the government bailout plan. What this does is give those with financial trouble more options when they are looking for a new loan. It can lower their monthly payments significantly.

Since this new plan has been enacted it is probably the best time to consider refinancing or mortgage modification. If you weren’t sure when to refinance you know now. This can potentially save you hundreds of dollars every month. This can be your first step to a more stable financial future.

-M Petrone

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