President Obama has recently announced a mortgage stimulus plan which can help millions of people get a mortgage refinancing or modification. This “Making Home Affordable” stimulus plan is a $75 billion effort to assist homeowners in getting a lower, more affordable monthly mortgage payment. Many people can avoid foreclosure and save a lot of money by using this stimulus. Here are some things which you should know about Obamas mortgage bailout.

This stimulus plan is designed to help nearly any homeowner that wants to refinance or get a mortgage modification in order to save money and prevent losing their home. Millions of people are able to use the Governments program and get help for their home loan. The goal of this program is to lower monthly mortgage payments to an affordable level. Regardless of your financial situation or if you have a bad mortgage, help is available. Here are some of the major benefits of refinancing a mortgage with Obamas stimulus:

-There are no closing costs or fees. This is a savings of thousands of dollars.

-Mortgage interest rates can be lowered to as little as 2% or the home loan can be extended in length to lower a homeowners monthly payments.

-Foreclosures will be stopped when a homeowner uses the mortgage bailout plan for themselves.

-Homeowners who owe as much as 25 % more than their home is actually worth can still get help from this stimulus.

-Bad credit and other financial hardships are acceptable to have and still get help from Obamas stimulus program.

An estimated 8 million homeowners can benefit from this plan. However, it is on the homeowner to actively go out and get the help they need. Never before has refinancing a mortgage been this easy or beneficial. Take advantage of the great time to refinance and get yourself into a better, more affordable monthly home loan.

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

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