With such a bad housing market and economy, many homeowners can benefit from refinancing a mortgage. Also, low mortgage interest rates and new Government programs make refinancing a mortgage easier than ever for nearly all homeowners. Here are some benefits of mortgage refinancing that homeowners can take advantage of right now.

Currently, mortgage interest rates for traditional 30 year fixed mortgages are near all time lows. The Government has also enacted a $75 billion stimulus plan designed to help struggling homeowners save money, their home, or both through new mortgage refinancing options. This Government stimulus is helping keep interest rates low and also provides new refinancing options for many struggling homeowners.

This $75 billion will be broken down and given to mortgage lenders and banks who provide refinancing options to homeowners in accordance with the stimulus plan. This makes it much easier for homeowners who are behind on payments, have bad credit, are upside down in their mortgage, or who are facing other financial problems to get mortgage refinancing help. This program was enacted to combat the all time high number of foreclosures and loan defaults. Instead of letting millions of more people lose their home, the Government has stepped in to attempt to help the situation. Also, mortgage lenders and banks are more likely to assist struggling homeowners as opposed to letting them lose their home.

This type of economy and housing market makes taking a foreclosure on a risky proposition. Many homes are worth much less than when they were purchased and can end up actually costing the lender or bank money, especially with a housing market and economy in such bad shape. This means that mortgage lenders and banks are more willing to extend a beneficial mortgage refinancing option to homeowners in all sorts of bad financial problems.

Never before has so much help been available to struggling homeowners. If you are at risk of losing your home, have a hard time paying the monthly mortgage, or are facing other financial hardships, contact a bank or lender today. Ask them how refinancing a mortgage with Obamas stimulus plan can benefit you. Help is out there, you must go and get it.

-M Petrone

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