President Obama knows that homeowners are struggling. That is why his administration has enacted the $75 billion “Making Home Affordable” stimulus plan. This plan will allow homeowners the chance to easily refinance a mortgage to lower the monthly payment, save money, and secure your homes future. Even homeowners with bad credit or little to no equity in their home can get approved for mortgage refinancing with Obamas stimulus. Here are some things to know.

This stimulus plan is powered by over $75 billion in Government money. This money is making it easier for struggling homeowners to get a mortgage refinancing. Also, the money helps to keep mortgage interest rates near record lows. With this money, new mortgage refinancing options exist for almost all homeowners. Even people who have been denied before, have lost a job, have bad credit, or owe more than their home is worth, can get help through this Obama stimulus plan.

A lot of the stimulus plan money will be broken down into cash incentives that will be given to mortgage lenders and banks who approve a homeowner for refinancing according to the stimulus plan guidelines. Some of the best benefits for homeowners that they can get when refinancing a mortgage with Obamas plan are:

-No closing costs or fees. These typically cost thousands of dollars, and struggling homeowners do not often have thousands of dollars to pay.

-Mortgage payments that are not more than 31% of their gross monthly income. This includes any mortgage insurance, taxes, or other home fees.

-The ability to refinance a mortgage even if you owe up to 25% more than your homes actual market value.

-New options for homeowners who want to refinance but have bad credit, have lost a job, or are going through other financial problems.

Never before has refinancing a mortgage been this easy, or beneficial, for so many people. A mortgage refinance can be a great thing for many homeowners to do. With the new options available from Obamas stimulus plan, refinancing a mortgage is now a reality for many people who would be helpless without Obamas plan. Homeowners should take advantage of the new refinance options and secure their finances and their homes future and refinance today.

-M Petrone

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