Many homeowners are considering a mortgage refinance due to low interest rates and new Government housing stimulus programs. Many people will be able to save a lot of money, or their home from being lost, by using the Obama stimulus plan and refinancing a mortgage. Here are some things people should know about refinancing a mortgage with Obamas stimulus program.

Since so many homeowners are struggling to make their monthly home loan payments, foreclosures and mortgage defaults are at all time highs. In addition to that, the housing market is in such bad shape that many homes have actually lost value. This is leaving millions of people with an upside down mortgage and other financial hardships to apply for a mortgage refinancing.

Also, new Government programs are in affect that will stimulate the housing market, stop foreclosures, and save homeowners money. This stimulus plan is actually designed to help struggling homeowners. This program works by giving cash incentives to mortgage lenders and banks who help homeowners and follow Obamas stimulus plan guidelines. This money makes the lenders and banks much more likely to approve struggling homeowners for a mortgage refinance due to less financial risk on their part. This stimulus plan is also being used to keep mortgage interest rates low for all homeowners. For most of 2009, and so far in 2010, mortgage interest rates have been near all time lows. These low interest rates provide many benefits and huge potential savings for millions of people.

Getting approved for a mortgage refinancing is easier than ever before. Regardless of your financial or mortgage situation, help refinance a home loan is available. Homeowners should take action now and use the low interest rates and Obamas stimulus plan to their advantage.

-M Petrone

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