Homeowners looking to get help with a low interest rate mortgage refinancing are in luck. President Obama announced a HARP (Home Affordable Refinance Program) stimulus that is designed to help financially struggling homeowners get a more affordable home loan, and lower their monthly payments. Getting approved for a mortgage refinance or modification with low interest rates is easier to do than ever before, for nearly any homeowner. Here is what people should know about Obamas housing stimulus plan and how to take advantage of it.

This plan was designed to help over 5 million homeowners get into a better financial situation, no matter how bad their current situation is. Using this stimulus program will make it easy for a homeowner to lower their home loan interest rate and easily save hundreds of dollars per month. This HARP stimulus should help many homeowners, stabilize the housing market, and help boost the overall economy. Many people have lost their home to foreclose or default, and many more are expected to be lost unless the homeowner takes action.

Banks and mortgage lenders have a lot of foreclosed properties on their books that they need to deal with. Many of them have lost value since they were first purchased. They do not want to deal with any more foreclosures and are much more willing to help homeowners, even financially struggling ones, get a mortgage refinancing that will benefit everyone involved. Also, lenders and banks who are participating in President Obamas HARP stimulus will receive a cash incentive for helping homeowners and following the HARP rules. Many mortgage lenders and banks are actually looking for people to help and are willing to do what it takes to make the monthly home loan payment affordable for the homeowner.

Homeowners should take action and take advantage of the new mortgage refinancing and modification options that are available to nearly any homeowner, in any financial situation. With interest rates near all time lows right now almost every homeowner will benefit from refinancing. Literally millions of homeowners will easily be able to save hundreds of dollars per month on their mortgage payment. Mortgage lenders and banks are able and willing to help, especially with Obamas HARP incentives. Homeowners should contact a variety of places to see how much they can save by using this $75 billion housing stimulus plan for themselves. The help is out there, and the HARP stimulus makes sure of that.

-M. Petrone

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