How To Use Obama's Mortgage Stimulus Plan and Refinance a Mortgage

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President Barack Obama has enacted a mortgage stimulus plan which will allow millions of homeowners the occasion to refinance their home mortgage into a 4.5% fixed rate. This "Home Affordability Program" will give homeowners the occasion to save hundreds of dollars per month. Here is how:

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Currently, there are numerous grants available to homeowners, regardless of their prestige rating. This government schedule is targeted towards population who need short term help. These grants can be used for loan repayments.

There are loan modification programs available to homeowners who are facing "Financial Hardship" this can be, medical bills, loss of income or job, other debts. These loan modification programs will allow homeowner to have a monthly mortgage cost that is no more than 31% of their gross monthly income.

Also, the total whole of all other debts, along with mortgage payments, must not exceed 51% of the homeowners gross monthly income.

The Federal hold and President Obama would like to see mortgage interest rates locked into a low 4.5% for all current and potential homeowners.

Homeowners can save on the cost of a mortgage advisor by getting free help from Hud appointed mortgage counselors, who act as representatives for you when talking to banks or lenders, for free.

Homeowners who have seen the value of their property fall by 15% or more during this mortgage emergency will be able to refinance into a 4.5% fixed rate home loan. This will help homeowners who have seen their property values drop as the housing store crashed.

President Obama knows that the economy is facing hard times and is trying to help homeowners. The government has set aside over billion dollars to help homeowners refinance their mortgage. Home foreclosures are on the rise and home prices are falling. This mortgage stimulus plan will help to stabilize the housing store and with that, home prices will start to rise. Refinancing a home mortgage the right way will save you a lot of money, especially with this "Home Affordability Plan" from Obama. Take advantage of this great occasion and speak with a mortgage lender or bank.

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