Homeowners looking to refinance a mortgage are in luck because of a $75 billion housing stimulus plan from President Obama. The “Making Home Affordable” housing stimulus plan is designed so that nearly any homeowner can get a no cost, low interest rate mortgage refinancing. Millions of people are eligible to take advantage of the Obama stimulus plan and here are some things they should know.

This stimulus plan was actually designed so that homeowners with financial problems can get help from it. Now, because of this housing stimulus plan, new mortgage refinancing options exist that are easy to qualify for and will save a homeowner a lot of money, prevent a foreclosure, or both. Now, homeowners with no job, no home equity, bad debts, bad credit, or other financial problems can easily get approved for a money saving, foreclosure preventing mortgage refinancing. In the past, mortgage lenders and banks were not able to help “at risk” homeowners get a mortgage refinance approval. Now though things have changed and nearly every major mortgage lender and bank can offer a homeowner a beneficial, no cost, low interest rate, mortgage refinancing.

The lenders and banks are able to offer new mortgage refinancing options because of cash incentives they will get from the Obama stimulus plan. These cash incentives allow the lenders and banks to approve more applications than ever before. The only way that a mortgage lender or bank can claim these incentives though is if they help a homeowner and follow the rules of Obamas stimulus plan. Because of the lure of cash incentives, many mortgage lenders and banks are actually looking for struggling homeowners to help.

Millions of homeowners are eligible to get a mortgage refinancing from this stimulus plan and are being encouraged to do so. There has never been so much help available for struggling homeowners, and it has never been this easy to take advantage of. Homeowners should contact a mortgage lender or bank today to see what new home loan refinancing options exist for them thanks to the $75 billion housing stimulus plan.

-M Petrone

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