President Obamas $75 billion housing stimulus plan is designed so that struggling homeowners can easily take advantage of it. This stimulus program offers nearly every homeowner a mortgage refinancing option that will save them a lot of money, their home from being lost to foreclosure, or both. Here are some things homeowners should know about the “Making Home Affordable” stimulus plan and how to get a mortgage refinance from it.

Since so many people are struggling due to a bad economy and housing market, something needed to be done to help homeowners from losing their homes. This stimulus plan was designed for struggling homeowners and will provide millions of people new mortgage refinancing options. In the past, homeowners would need to have a good credit rating, equity in their home, a job, and a good overall financial situation to get a refinancing approval. Now though, things have changed, and almost any homeowner, with any financial problem, can get a beneficial no cost, low interest rate, mortgage refinancing.

New mortgage refinancing options exist because the Obama stimulus plan provides cash incentives to major mortgage lenders and banks who help struggling homeowners. Every struggling homeowner that a lender or bank helps will get them a cash incentive for doing so. These incentives allow the lenders and banks to take more risk, and help more people get a mortgage refinancing. Without these cash incentives, and the Obama stimulus plan, millions of homeowners would fall deeper into debt and face other problems like foreclosure.

Homeowners are being encouraged to take action and take advantage of this stimulus plan. There has never been so much help available for nearly any homeowner who wants it. People are being encouraged to contact a mortgage lender or bank today to see what new home loan refinancing options exist for them because of this Obama housing stimulus plan.

-M Petrone

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