CitiBank is participating in President Obamas “Making Home Affordable” plan. This means that homeowners in all types of bad financial situations can get help refinancing a mortgage with CitiMortgage and it is easier, and more beneficial than ever before. Here are some things a homeowner should be aware of before using this plan to refinance their home loan.

Right now, interest rates for mortgages are near record lows. This means that many people will benefit from refinancing a mortgage. However, also happening right now is an all time high number of foreclosures and mortgage defaults. This is due to a bad economy, a bad housing market, and many homeowners with bad loans. This plan aims to help struggling homeowners get into a better, affordable, and more stable mortgage by offering new refinancing options to people who would not have gotten help before.

These new options exist only because of over $75 billion in funding set aside by the Government for President Obamas stimulus. This money is going to be given to a mortgage lender or bank every time they follow the stimulus programs guidelines and approve homeowners for refinancing a mortgage or a home loan modification. Never before has the Government interfered with the housing market in this way. The goal is to reduce defaults and foreclosures, help homeowners, and help the overall economy.

The main benefits a homeowner will see are reduced interest rates, new refinancing options, and no closing costs or fees when you sign the refinancing deal. Millions of homeowners are able to use this plan for themselves. Take action now and avoid losing your home, or money you do not have. Get a mortgage refinancing with CitiMortgage and President Obamas stimulus program.

-M Petrone

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