Mortgage rates are at all time lows, and there is an amazing stimulus plan available from the Government. This means that right now, refinancing a mortgage, can save millions of homeowners a lot of money, or their home from being lost. Regardless of what you hear, getting approved for refinancing is easier than ever, no matter a homeowners financial situation.

Why is refinancing easy to get? President Obamas “Making Home Affordable” plan is a mortgage refinancing and modification stimulus which helps struggling homeowners. This is done by allowing homeowners a chance to refinance or get a home loan modification into a payment which is less than 31% of a mortgage holders gross monthly income. This will be done by reducing mortgage rates to 2%, or increasing the length of a home loan.

There is well over $75 billion dollars available from the Government to give to approved mortgage lenders and banks. This money will pay for the closing costs and fees a homeowner is usually responsible for. Also, this money will be given to the mortgage lender or bank for every successful year a homeowner pays their mortgage after using this plan. That means that homeowners are easily able to get approved for a truly beneficial mortgage refinance or modification.

Many homeowners are struggling financially. They are either stuck in a bad mortgage, have seen their income reduced, lost their job, and are now at risk of losing their home. President Obamas mortgage stimulus plan will help an estimated 8 million homeowners avoid losing their home. This will help neighborhoods, the housing market, and the entire economy. Right now, help is available. Homeowners need to use this plan for themselves, and get into a better mortgage.

-M Petrone

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