Homeowners with bad credit do not need to worry anymore about getting approved for a mortgage refinancing. President Obamas stimulus plan provides plenty of new mortgage refinance choices for struggling homeowners with bad credit, financial hardships, or debt problems. Taking advantage of this stimulus program to refinance your mortgage is easy. Here are some things homeowners should know when considering refinancing a mortgage with bad credit.

While bad credit mortgage refinancing options always existed for people, they always came at a high price. Many times in the past, a homeowner would either have to come up with a large cash payment, pay extremely high interest rates, or use the expensive services of a sub prime mortgage lender. Today, things are different and much easier for homeowners with bad credit, upside down mortgages, or who are facing other financial hardships to get a mortgage refinancing.

Things are easier for homeowners who are refinancing thanks to President Obamas $75 billion stimulus plan. This program, also called the “Making Home Affordable” plan is designed specifically to help struggling homeowners get a mortgage they can afford every month. This will be done through new refinancing and mortgage modification options that are easy to qualify for and millions of people can benefit from. The money is being used to give to mortgage lenders and banks as an incentive for helping homeowners. That means refinancing with bad credit in 2010 will be easier and more beneficial than ever before.

Homeowners should take advantage of these new mortgage refinancing options and get help using Obamas stimulus program. Never before has it been this easy to get a better mortgage and save a lot of money through mortgage refinancing, even with bad credit. Take action now and use this plan for yourself.

-M Petrone

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