In an effort to help homeowners, President Obama has recently enacted his “Making Home Affordable” plan. This is great news for homeowners with a mortgage from Wells Fargo. As one of the few selected lenders, Wells Fargo can now help millions of homeowners get a more affordable home loan payment. Here is how:

-Since home values have dropped in areas all across the country, this plan will allow homes which have seen a 15% or more drop get assistance on the mortgage. These homes, even entire neighborhoods, would have been pretty much out of luck when trying to refinance before this plan existed. Now though, with the stimulus plan, homeowners can get the help they need.

-Mortgages with a balance up to 5% more than the homes market value can get refinanced. Many homeowners got themselves into bad mortgages when the market was booming, and qualifying was easy. Now, homeowners are paying the price with increasing arm (Adjustable rate mortgage) rates, dropping home values, and a struggling economy. Now though, this plan will allow a lot of homeowners with a bad mortgage the chance to get a stable, fixed rate, low interest home loan.

-Wells Fargo, like other selected lenders, will charge no fees or closing costs for these refinancing or mortgage modification options. All of the closing costs, fees, and financial risks of the lender for approving a at risk homeowner, are taken care of by the Government. Over $75 billion in funds are available to help homeowners.

Wells Fargo stimulus mortgage refinancing offers a lot of homeowners the break they need to catch up financially. Also, many homes will not be lost to foreclosure or loan default directly because of this plan. Homeowners who are feeling any type of financial pinch should seek help while it is easy to get.

-M Petrone

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