Mortgage refinancing options now exist for homeowners who are financially struggling. This is because of President Obamas “Making Home Affordable” housing stimulus plan. This stimulus allows millions of homeowners the chance to save money, and their home, through refinancing their mortgage into a new, more affordable monthly rate. Here are some things homeowners need to know before trying to use this stimulus plan for themselves.

While mortgage refinancing options have always existed for struggling homeowners, the new ones are much easier and more beneficial for a typical person. That is because homeowners are now getting help from over $75 billion in funds allocated specifically for helping homeowners with Obamas stimulus plan. This money is being given to mortgage lenders and banks as cash incentives to help homeowners. This cash is a financial security which allows the lender or bank to take on more risk, and approve more people for mortgage refinancing. This money will helps ensure that the mortgage lender or bank does not lose too much should a homeowner still not be able to make their monthly home loan payments.

Thanks to the stimulus plan money, homeowners with bad credit, an upside down mortgage, or other financial hardships can easily get a beneficial mortgage refinancing. This stimulus was designed specifically to assist homeowners who have problems and are at a serious risk of losing their home. The programs main guidelines say that a homeowner should not pay more than 31% of their income to their monthly home loan. This will be a dramatic reduction in payments for many people and may be just what they need to save their home, and money.

Homeowners have never has this much help getting a mortgage refinance. Never before has so much money and Government assistance been given to struggling homeowners to help improve their finances, and secure their home. If you need to lower your monthly home loan payments, refinance now using Obamas stimulus plan.

-M Petrone

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