Mortgage refinancing right now will save a lot of people a lot of money, their home, or both. President Obamas “Making Home Affordable” stimulus plan is designed so that any homeowner, with any financial problems, can get a mortgage refinancing that will save them money and prevent foreclosure. Here are some things that homeowners should be aware of when refinancing a mortgage with President Obamas $75 billion housing stimulus plan.

This stimulus plan was designed so that struggling homeowners can get a mortgage refinancing approval, regardless of their financial situation. Many homeowners are at risk of losing their home to foreclosure or default unless they can get their monthly mortgage payments lowered. Refinancing a mortgage right now will save a lot of homeowners a lot of money due to interest rates that are a lot lower now than they were just 10 years ago. The typical rule of thumb is that saving 2% on interest rates will make refinancing a mortgage worth it and save money. Right now, interest rates are near 5% for a 30 year fixed rate mortgage. The rates available right now are half of what interest rates were just a decade ago. Millions of homeowners are able to save a lot of money every month, and thousands of dollars over the course of a home loan by getting a refinance. The Obama housing stimulus plan has kept interest rates low so more homeowners could benefit from refinancing. The Obama stimulus plan also provides cash incentives to other lenders and banks for every struggling homeowner they approve for mortgage refinancing. This money enables them to take more struggling homeowners on and approve them for a home loan refinance. Many lenders and banks are able to offer homeowners options that never existed for them before. Using this stimulus plan, homeowners with no job, no home equity, or other financial problems. This is all possible because of the $75 billion housing stimulus plan.

Homeowners are encouraged to take action now and get a better mortgage through refinancing. There is help available and a homeowner does not have to lose their home to foreclosure or default, even if it seems like the only option. Homeowners should take action and contact a mortgage lender or bank today to see what mortgage refinancing options exist for them. There is help available for millions of homeowners thanks to the Obama stimulus plan and homeowners should take advantage.

-M Petrone

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