Bank of America has new mortgage refinancing options available thanks to President Obamas stimulus plan. This plan is designed to help struggling homeowners get a better mortgage, save money, save their home from being lost, or all of the above. Bank of America is one of the only mortgage lenders or banks who can offer this plan to homeowners. Here are some things you should know.

Bank of America has a proven track record and is one of the largest, most well known, and used, banks in the mortgage industry. They are one of only a select few who can offer the stimulus plan options to homeowners. With this stimulus plan, homeowners in all types of bad financial or mortgage situations can get help. Over $75 billion is being given to mortgage lenders and banks as cash incentives to help homeowners. Every time an approved bank or lender, like Bank of America, helps a homeowner get a better, more affordable, mortgage, they receive cash. This money will promote this program, and lessen the financial risk assumed by helping a struggling homeowner.

According to the guidelines of the stimulus plan, a homeowner who gets help from it will not pay more than 31% of their gross monthly income for their home loan every month. This will be a huge reduction for many homeowners. To get a payment that is this low, mortgage lenders or banks can reduce interest rates, change the length of a home loan, or both. Many homeowners will be able to save their home through this by using it to get an affordable monthly home loan payment.

Bank of America and the stimulus plan also make refinancing easier for homeowners who:

-Have bad credit or are facing financial problems.

-Have a home that is or has dropped in value.

-Owe up to 25% more than the homes actual market value.

-Want to get out of an ARM (Adjusted rate mortgage) loan and into a stable fixed rate mortgage.

Millions of homeowners can use this plan, and Bank of America, to save their home, a lot of money, or both. Help is out there for all types of homeowners, regardless of their situation. Finding it thou is now much easier. Contact Bank of America today and see what the potential benefits of this program are for you.

-M Petrone
http://www.RefinancingCondo.com

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