Homeowners who want a mortgage modification or refinance from Wells Fargo are in luck thanks to President Obamas stimulus plan. This Government program offers millions of homeowners a chance to refinance or modify their loan into a new 4.5% fixed rate mortgage. Here are some tips to getting a home loan modification or refinance from Wells Fargo.

Even if you have been turned down in the past for a refinance from Wells Fargo, or are still waiting for a response from your application, you can still ask to apply for Obamas “Making Home Affordable” plan. The approval guidelines are strict, but if you meet them you will no doubt be approved for a refinance and save a lot of money every month just on interest rates. Homeowners who want the best chance possible to modify or refinance their home loan should have their paperwork in order and know these few things:

-Home loans can be extended into 30 or even 40 year lengths to help homeowners get an affordable monthly payment and not have to face these same home financial issues again in the future.

-Home interest rates can be lowered to as low as 2% in order for mortgage lenders and banks to meet the refinancing requirements set by the Government.

-Some portion of the principal balance remaining on your mortgage may be deferred.

These options, at least some of them if not all, will be available to a homeowner who is qualified in order to obtain a new monthly mortgage payment that does not exceed 31% of the homeowners gross monthly income. Modification or Refinancing of a home loan through Wells Fargo will offer a homeowner the same exact options as any other mortgage lender or bank. Their will be no need to negotiate, as the lenders and banks already have guidelines they must follow and either you will qualify for it or you will not. Learning and practicing a few simple tips about handling and filling out forms the right way you will be able to work directly with banks as opposed to mortgage lenders, and directly obtain a home loan which meets your financial needs.

There is no reason to pay any fees or other costs when taking advantage of this plan, and homeowners should stay away from a lender or bank attempting to charge you to use this “Making Home Affordable” plan. The lenders and banks will be paid, through cash incentives from the Government for every homeowner who is at risk they approve. After all, odds are you are in a financial hardship right now and how would you be able to pay thousands of dollars in closing costs and fees? If you could you probably would not be in the financial situation you are in now. The Government will handle all and any fees related to refinancing or mortgage modification using this plan.

Refinancing your home loan
now can be a great way to free up extra cash every month. The savings being reported from homeowner who have used this plan are hundreds of dollars every month. This money can be used for anything the homeowner wishes. At least take a little time to see if the savings you are able to get through refinancing or modification are worth it for you. Odds are, especially now with Obamas “Making Home Affordable” plan in full swing.

-M Petrone
http://www.RefinancingCondo.com

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