Mortgage refinancing and modification are very popular options these days. Especially since President Obamas mortgage stimulus plan was announced. This plan is a mortgage bailout program that can get a homeowner a more affordable mortgage through refinancing and home loan modification options.

This plan will allow millions of homeowners who would not have been approved in the past. There are many benefits for homeowners through this stimulus plan. Here is some of the bigger ones:

-Mortgage interest rates can be lowered to as low as 2% to meet the guidelines set by Obamas plan.

-Any home loan refinancing and modification closing costs and fees will be covered by the stimulus plan. These fees typically add up to thousands of dollars, which most homeowners do not have.

-The term of a home loan can be extended in length to lower the payments to an acceptable amount. This amount is not to exceed 31% of a homeowners income.

-Homeowners with a mortgage from Fannie or Freddie can get approved automatically for a home loan modification. This is regardless of their financial position, and guaranteed.

-Homeowners who have, been laid off, lost wages, have hospital bills, or any other expenses out of their control, can apply for refinancing or modification with a financial hardship. Write a letter of your hardships, and a new budget to overcome them, and include this letter with your application.

-Homeowners who owe more on their mortgage than the homes actual market value can get approved for a more affordable home by getting a mortgage refinancing or modification. This would have been nearly impossible in the past, without enough equity or cash. Now though, homeowners everywhere can get help, even in a bad mortgage situation.

This is a great chance for homeowners to take control of their finances and save money, or their home from being foreclosed on. Literally millions of homeowners can use this plan for themselves and start saving money on their next home loan payment.

-M Petrone
www.RefinancingCondo.com

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