Bank of America now has new mortgage refinance choices available to all types of homeowners thanks to the Governments housing stimulus program. This plan is aimed at helping struggling homeowners by getting them approved for a mortgage refinance or modification, and lowering their monthly payments. Bank of America is one of the choice lenders who have been approved to offer these options to homeowners. Here is what you should know.

Besides having a good customer service record, Bank of America is one of the largest, most powerful banks in the mortgage industry. Only a selected few lenders or banks are authorized to offer these new stimulus plans to homeowners, and BoA is one of them. With over $75 billion available to help homeowners, Bank of America will find an option that will help you. This money is being given as a cash incentive from the Government to lenders and banks who help homeowners according to the Governments stimulus. Every time an approved bank or lender follows the plan, and helps a homeowner, they get money. This money covers potential losses and risks associated with refinancing a mortgage for a homeowner who is struggling.

The stimulus plan has a big benefit to many homeowners. This is that a person who gets a mortgage refinancing or modification will not have to pay more than 31% of their gross monthly income towards their home loan every month. This includes taxes, insurance, and other fees. Many homeowners will see huge reductions in their monthly payments just do to this. In order to get payments this low, a lender or bank can lower interest rates, extend the length of the home loan, or a combination of both. Millions of people are able to use this program to get a lower, more affordable payment, or save their home from being lost to foreclosure or default.

Getting mortgage refinancing or modification with Bank of America is now much easier. Even for homeowners who:

-Have a home that has dropped in value since purchasing it.

-Have a bad credit rating or other financial hardships.

-Have a mortgage that is worth up to 25% more than the homes market value.

-Are looking to replace their adjusted rate mortgage (ARM) loan for a stable fixed rate mortgage.

An estimated 8 million homeowners are eligible to use this Government program for themselves. Getting help in all types of bad situations is now easier for many more people. Contact Bank of America today and see what they are able to offer you.

-M Petrone

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