Are you going to lose your home to foreclosure? Need a lower monthly mortgage payment? Afraid you won't qualify for a mortgage refinance? Then you need to know that refinancing a mortgage is possible thanks to President Obamas “Making Home Affordable” plan. This plan allows all types of homeowners the chance to refinance into a better, more affordable mortgage, and avoid losing their home. Here us some information you should know:

Right now, millions of homeowners are going to lose their home to foreclosure or home loan default. In an effort to prevent this number from rising, President Obama has announced a $75 billion stimulus plan to help homeowners. This program is a $75 billion effort to allow all types of homeowners a chance to refinance their mortgage into a better, more affordable, monthly payment. The thought behind this plan is that if a homeowner is able to make their payments every month, they will, regardless of housing market conditions or other things. That is why a major benefit of this program is that all people who get help from it will have a monthly home loan payment that is no more than 31% of their gross monthly income. This rate includes taxes, insurance, and other costs of owning a home. This will be a major reduction in payments for many people, and will stop a lot of foreclosures.

This is possible because of the $75 billion. This money will be given to mortgage lenders and banks who help homeowners and follow guidelines set by Obamas stimulus plan. To achieve some of the goals of the stimulus, interest rates can be reduced to 2% or the home loan can be extended in length. Sometimes, a combination of both things may be needed in order for a homeowner to get an affordable monthly payment. This is because the money given to lenders and banks allows mortgage lenders and banks to be more flexible and take more risks. This allows homeowners in all types of situations to easily get the help with refinancing a mortgage they need. This money is they key reason the refinancing a mortgage now is easier and better than ever before.

Help is out there. Go out there and get it. Home refinance options now exist for all types of homeowners. Save money and your home and get the help you need with refinancing a mortgage today.

-M Petrone

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