Refinancing a mortgage for homeowners with bad credit or who owe more than their home is worth has always been hard to do. However, new Government stimulus programs make refinancing a mortgage easier than ever, regardless of your financial situation. Here is some information on President Obamas “Making Home Affordable” plan and how you can use it to easily refinance your home loan.

Right now new Government programs exist because of the tough economy and bad housing market. This has led to the Obama administration to introduce the “Making Home Affordable” plan that will help millions of homeowners. The help is available through new mortgage refinancing and modification options for millions of struggling homeowners. This program is designed to reduce and stop foreclosures, lower monthly payments, and allow a homeowner to keep their home. Even people with bad credit, upside down mortgages, or who have been denied before can find help refinancing a mortgage.

This help is possible because of over $75 billion in Government funding which will be given as incentives to mortgage lenders and banks. When an approved lender or bank offers help to a homeowner following the rules of the mortgage stimulus plan they will get cash incentives. This money encourages banks and lenders to help homeowners and also helps them reduce financial risks by approving struggling homeowners for refinancing or mortgage modification. Since the plan is designed to help struggling homeowners, getting help refinancing right now is easier and better than ever.

Also, besides the Government stimulus programs the interest rates available right now are near record lows. Current 30 year fixed rate mortgages can be had for around 5% which is half of what rates were just 5 or 10 years ago. This means that many homeowners will save a lot of money every month just due to reduced interest rates.

If you need help making your home loan payments every month or are facing foreclosure consider refinancing a mortgage. This can be a great way to use the Government stimulus programs, take advantage of low interest rates, and save money or your home. Take advantage and take action now before your situation gets worse.

-M Petrone

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