Many homeowners want to refinance to take advantage of low interest rates, but are afraid of being turned down due to financial problems. That is why President Obama enacted a $75 billion housing stimulus plan designed to help nearly any struggling homeowner get a more affordable mortgage through new refinancing options. Millions of homeowners are eligible to get a beneficial money saving mortgage refinancing with this stimulus plan, and here is what people need to know.

This stimulus plan has over $75 billion in Government funding that is being used to keep home mortgage interest rates near all time lows and is also being used to provide cash incentives to mortgage lenders and banks. The cash incentives allow the lenders and banks to help more homeowners in worse financial situations than they ever could before. Because of these cash incentives, homeowners with no job, no money, bad debts, bad credit, or other financial problems can now get an approval for a money saving home loan refinance.

Mortgage refinancing options have always existed, but in the past they were harder to get approved for. Now though, things have changed and it is because of Obamas $75 billion stimulus plan. This stimulus plan was designed so that nearly any homeowner can take advantage of it to prevent a foreclosure, save money, or both. The goal of this housing program is to stop the increasing number of home foreclosures and defaults and restore some stability to both the housing market, and overall economy.

Homeowners are being told to take action and take advantage of this great chance to get a low cost, low interest rate, mortgage refinancing. Millions of people are eligible to get help from this plan, and many people already have. Homeowners should not let their situation get worse and they should get help from Obamas stimulus plan. People should contact a mortgage lender or bank to see what new home refinance options exist for them because of this stimulus program.

-M Petrone

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