Homeowners can get 2% mortgage interest rates and pay no closing costs for a mortgage refinance when using President Obamas stimulus plan. This stimulus is designed to allow nearly any homeowner to easily get approved for a mortgage refinancing that would reduce their monthly home loan payments to an affordable level. Here are some things people should know about refinancing a mortgage with Obamas stimulus plan.

This stimulus plan is funded with over $75 billion in Government money. This money is primarily being given to mortgage lenders and banks who offer mortgage refinancing options to struggling homeowners. If a lender or bank follows Obamas stimulus plan guidelines and offers a homeowner refinancing, they get the cash incentives. This money allows them to offer more people more options than ever before. Even homeowners with bad credit, an upside down mortgage, or other financial problems can easily save money, or their home, through these new mortgage refinancing options from the Obama plan.

This program from Obama says that if a homeowner gets help from it, there mortgage payments should not exceed 31% of their gross monthly income. Mortgage interest rates can be lowered to 2% and the length of the mortgage can be extended in order to reach this 31% payment goal. Also, using this stimulus plan homeowners will not have to pay any mortgage refinance closing costs or fees which generally run into the thousands of dollars.

Overall, millions of people will find relief by using this program for themselves. There has never been a program this big that has the ability to help so many people. If you need a mortgage refinancing, contact a lender or bank today and see what benefits you will see when refinancing a mortgage with Obamas plan.

-M Petrone

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