Homeowners who take advantage of President Obamas “Making Home Affordable” plan will receive many benefits when refinancing. Mortgage rates can be as low as 2%, homes that are worth more than their loan can get refinancing, and homeowners facing financial hardships will be able to get help. Here is how:

With so many homeowners in a bad financial situation, this plan will save millions of homes from being lost. An estimated 1 out of every 8 homeowners is currently facing foreclosure, an all time high. With such a bad outlook for the housing market, this plan aims to reverse things. With President Obamas “Making Home Affordable” plan, struggling homeowners can get the assistance they need to get a mortgage which they can actually afford. This will be done through a variety of loan and mortgage refinancing or modification options. However, the best part of this plan is the fact that actually getting approved for a good refinancing or home loan modification deal is easier than ever.

Getting approved is easy because of over $75 billion in funds for Obamas plan which will help homeowners. This money will be given to select mortgage lenders and banks when they help homeowners in accordance with the program. This means, that the banks and mortgage lenders can assist more people than ever, without so much financial risk on their part. Also, a homeowner will need no money at all to use this plan. All closing costs, and fees will be covered by this plan. This is a savings of thousands off dollars right from the get go.

Mortgage lenders and banks who offer this mortgage refinancing and modification plan need to follow a few rules. Some of them include a stipulation which states a homeowner must not pay more than 31% of their monthly income to their home loan every month. In order to meet this goal, interest rates can be dropped to 2%, or the length of the mortgages terms will be extended. Also, this plan provides a lot of help for financially hurting homeowners. Loss of job, reduced wages, hospital bills, and all out of your control expenses are not counted against you.

Get yourself a beneficial mortgage refinancing while there is still time.

-M Petrone

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