Mortgage refinancing will save homeowners a lot of money if they use President Obamas stimulus plan. This stimulus plan is designed to be easy to get approved for no matter what financial problems a homeowner may have. Millions of people will be able to get a mortgage refinancing with 2% interest rates from Obamas housing stimulus plan. Here are some things that homeowners need to know before getting a mortgage refinancing with the “Making Home Affordable” stimulus plan.

This stimulus plan was enacted because of a bad economy and struggling housing market. Right now, the foreclosure and mortgage default rates are at all time highs which is making the housing market even more unstable. The goal of this stimulus plan is to help millions of homeowners by offering them a mortgage refinance that will save them money, their home from being lost, or both. Mortgage interest rates will be lowered to 2% so that homeowners are able to save money, and their home. In the past, homeowners would need to have a lot of home equity and a good credit history to get approved for mortgage refinancing. Now though, because of the Obama plan, nearly any homeowner can get a mortgage refinancing that will enable them to save hundreds of dollars per month.

Homeowners have never has this much help available to them from a stimulus plan. Over $75 billion is being used to help homeowners, and to provide cash incentives for mortgage lenders and banks who help struggling homeowners. These cash incentives are only given out though if a lender or bank follows Obamas housing stimulus plan rules. These cash incentives allow mortgage lenders and banks to approve more people than they ever have been able to before.

Homeowners are encouraged to use this stimulus plan for themselves. Do not wait any longer and take action now. Mortgage refinancing approval has never been this easy to get. Contact a mortgage lender or bank today to see what options exist for you because of Obamas stimulus.

-M Petrone

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