Right now, over 8 million homeowners can refinance their mortgage into a fixed 2% interest rate by using President Obamas mortgage bailout plan. This program will make it much easier, and more beneficial, for a homeowner to get a mortgage refinancing or modification and save their home as well as money every month.

Here are some of the biggest points of Obamas stimulus plan:

-Homes which have dropped in value, by up to 25%, can now easily get help with refinancing or mortgage modification. Many homes have dropped in value since the housing market and economy are so bad. This plan will allow many of these homeowners get help with their upside down mortgage.

-The process is now much easier and clear cut for all homeowners looking into refinancing or modification.

-Mortgage lenders, banks, and the Federal Reserve, would like to see interest rates kept to a low 2%. The thought is that if a homeowners monthly payments are low enough, they will be able to make them, and keep their home.

-Prevent foreclosures by offering homeowners stimulus plan options before their situation gets worse. To do this, interest rates can be lowered, monthly payments can be lowered, and the length of the home loan can be extended.

With so many homeowners going through tough financial problems, this program from President Obama will help homeowners who are having a hard time paying the bills and mortgage payment. This is a great chance for a homeowner to get a better, more affordable mortgage payment, and save a lot of money throughout the course of the home loan. Contact your lender or bank and see how this stimulus plan can help you.

-M Petrone

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