There are many new mortgage refinancing advantages and benefits available to millions of homeowners thanks to President Obamas “Making Home Affordable” plan. This program is designed to help struggling homeowners avoid losing their home. New options are available which allow almost any homeowner the chance they need to save their home, or a lot of money. Here is how:

This plan will provide money to selected mortgage lenders and banks who offer these refinancing and home loan modification options to homeowners. Over $75 billion is available to help homeowners. Most of this money will be given directly to the lender or bank who approves a homeowner under the stimulus plans guidelines. This means that with less risk, and potential cash rewards, the lenders and banks are eager to help homeowners using this program.

Some of the new options and benefits available to homeowners are:

-New refinancing options for homeowners that owe more on their mortgage than the homes market value. Now, homes that are worth up to 25% less than what is due on the mortgage can be refinanced into a more affordable monthly payment.

-Mortgage lenders and banks who help homeowners according to this plan must ensure that the monthly mortgage payment does not exceed 31% of a homeowners monthly income. To meet this requirement, interest rates can be lowered to as little as 2%, a home loan can be extended in length, or a combination of both.

-Homeowners with bad credit or who are facing other financial or mortgage problems can now more easily get approved for help getting a better more affordable home loan payment. This is because of the stimulus plan and the money it provides to lenders and banks when they help homeowners.

Take advantage of this chance to get a mortgage refinancing and save money. Right now interest rates are low, and all types of homeowners can get help from these Government stimulus programs. With so many people in foreclosure or facing other financial problems, the plan will help millions of them. You can even stop or prevent a pending foreclosure by using this plan for yourself. Get help now, and refinance your home loan.

-M Petrone

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