Homeowners can easily save money, or their home from being lost thanks to President Obamas stimulus plan. Now, mortgage rates can be reduced to 2%, or the length of a home loan can be extended to let homeowners get an affordable mortgage. Millions of homeowners can easily use this program for themselves, here is how:

Homeowners everywhere are hurting. As a result of a bad economy, and worse housing market, many homes are losing their value, and many homeowners are short on money. Financial problems, bad mortgages, or bad credit, would typically eliminate the chance of a homeowner getting a decent mortgage. Now though, with the “Making Home Affordable” plan in full effect, homeowners in all types of situations can get the help they need in lowering their home loan payment, and saving their home.

This help will come from over $75 billion which will be given to mortgage lenders and banks who approve a homeowner for help in accordance with the programs guidelines. The guidelines call for a homeowner to not have to pay more than 31% of their gross monthly income every month towards their home loan. This will be a big savings for a lot of homeowners in bad mortgages, or facing financial problems.

This plan also offers help to homeowners who have seen their home lose value, or are stuck in a bad mortgage. Many homeowners bought a home when getting qualified was easy, and an ARM loan was a popular choice. Now though, ARM loans are increasing, and mortgage rates are dropping. This means refinancing into a stable fixed rate mortgage is a great option for the majority of homeowners with an ARM loan. While a fixed rate mortgage may carry a slightly higher interest rate, the long term benefits far outweigh any ARM loan.

The bottom line is that mortgage refinancing and modification options are available for almost any homeowner. Getting help is easier than ever before. Saving your home from being lost to foreclosure or mortgage default is easy. The “Making Home Affordable” plan from Obama will help millions of homeowners. Contact your mortgage lender or bank and see what they can do for you. The odds of getting the help you need are in your favor.

-M Petrone

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