Mortgage refinancing is a great way to save your home from being lost to foreclosure, save money every month, or both. Many people are taking advantage of super low interest rates and new mortgage refinancing options available from President Obamas “Making Home Affordable” housing stimulus plan. Here are some reasons that refinancing a mortgage right now with Obamas stimulus plan can benefit you.

Many homeowners are aware that President Obama has announced a stimulus program to help them, but are unaware of what it can do for them. This stimulus plan is designed to help prevent homeowners from losing their home and get into a better and affordable monthly home loan payment. This is going to be done with new mortgage refinancing and modification options that are available to nearly all homeowners. With over $75 billion in funding from Obamas stimulus plan, mortgage lenders and banks can help homeowners with upside down mortgages, financial hardships, or other problems.

This money is they how homeowners are going to get help. This $75 billion is being used to keep mortgage rates low, which they are, and also being broken down into cash incentives to give to mortgage lenders and banks. These incentives though are only to be given when a homeowner receives a mortgage refinancing or modification in accordance with President Obamas stimulus plan. This gives a reason for mortgage lenders and banks to help struggling homeowners and offer them truly beneficial mortgage refinancing and modification options.

Homeowners will benefit by getting a better interest rate, and a lower monthly mortgage payment. The stimulus plan says that homeowners who get help from a lender who gets a cash incentive will not have to pay more than 31% of their gross monthly income to their monthly loan payment. This includes all taxes, fees, and other associated home ownership costs. Also, homeowners will avoid having to pay closing costs and fees when using Obamas stimulus plan. These costs can easily add up to thousands of dollars.

Never before has been getting help refinancing a mortgage been this available to so many struggling homeowners. Take advantage of President Obamas mortgage refinance stimulus plan options and get help now. Take action, save money, and save your home.

-M Petrone

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