Mortgage refinancing options exist for millions of homeowners thanks to new options available from President Obamas stimulus plan. This stimulus is designed to help millions of homeowners lower their monthly mortgage payments and prevent their homes from being lost from foreclosure or default. Here are some important things homeowners need to know before refinancing a mortgage with Obamas stimulus.

-Mortgage payments will not be more than 31% of a homeowners monthly gross income.

-Homeowners who owe up to 25% more than their home is actually worth can get approved for a beneficial and money saving mortgage refinance with Obamas stimulus plan.

-Homeowners with bad credit can get help with Obamas stimulus plan and easily qualify for a mortgage refinancing.

-There are no closing costs or other fees that are usually associated with a mortgage refinance.

-Homeowners can get mortgage interest rates that are as low as 2%.

This program is designed to help struggling homeowners. Since the housing market and economy are so bad, many people are having a hard time, or are unable to, make their home loan payments every month. That is why this plan is designed to help nearly any homeowner, regardless of their financial or mortgage situation. This plan has over $75 billion in funding behind it and is expected to assist an estimated 7 million homeowners get a more affordable monthly home loan payment.

Homeowners need to take action now while this program is in effect. Never before has getting a mortgage refinance been this easy. The Obama stimulus plan is truly a great thing for many people to take advantage of. Do yourself a favor and contact a mortgage lender or bank today to see what benefits await you.

-M Petrone

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