Mortgage refinancing options now exist for millions of people thanks to President Obamas mortgage stimulus plan. This program makes refinancing a mortgage into a lower monthly payment and interest rates easy for homeowners in any financial situation. Here is what homeowners should know about using the Obama mortgage stimulus plan for themselves.

Over $75 billion in Government money is being used for this housing stimulus program. This money is keeping interest rates low, and making it possible for nearly any homeowner to get approved for a beneficial mortgage refinancing. That is because this program gives cash incentives to mortgage lenders and banks who follow the guidelines of Obamas program and help homeowners. This money allows new mortgage refinancing options to be offered to many people who are facing financial problems.

The goal of President Obamas stimulus is to reduce the high amount of foreclosures and mortgage defaults homeowners are facing right now. This stimulus plan will help millions of individuals, entire neighborhoods, the housing market, and the overall economy. Another way the money is being used it to keep mortgage rates low for all homeowners, and it is working. Right now mortgage interest rates are under 5%, nearly half of what interest rates were 10 years ago. The general rule of thumb when refinancing a mortgage is if you can save 2% or more in interest rates, you will save money and see a benefit.

Take advantage of this housing stimulus program and start saving money on your next home loan payment. Never before has refinancing a mortgage been this easy for this many people. Contact a mortgage lender or bank today and see what mortgage refinance options are right for you using Obamas stimulus plan.

-M Petrone

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