by John Roney
President Obama knows the tough financial environment of the US right now. With that in mind, he has enacted the $75 billion ?Making Home Affordable? plan which will allow mortgage refinancing or modification into fixed rate 4% home loans. Over 9 million homeowners can take advantage of this plan and save hundreds every month in interest payments.
With home prices dropping, new home sales almost frozen, and foreclosures on the rise, this plan could not have come at a better time. Foreclosures hurt all property values in their surrounding neighborhood, as well as the finances of the homeowner and lender. With this plan, the amount of foreclosures would drop, housing values would start to rise again, and consumer confidence that the housing market will return. This plan comes at a crucial time for many homeowners who are about to be forced out of their home, have lost their jobs, lost their income, have high debts, or are in a bad mortgage which is still worth more than the home they live in.
A lot of people who would have been denied in the past, are getting the help they need now. Even homeowners who owe up to 5% more than their homes worth can get help. Also, homeowners with bad credit, or who are facing financial problems can get a lower mortgage by using this plan. This plan is truly designed to help homeowners, and all types of situations have been covered. With the increased amount of foreclosures and mortgage defaults, this plan will help many people, and entire neighborhoods.
Many people can easily use this mortgage refinancing stimulus plan to their advantage, and start saving money almost immediately. Between easier application processes, better mortgage rates, and this new Government stimulus program, mortgage refinancing has become a great option for millions of homeowners. Using this plan for yourself is not hard to do.
Look into taking advantage of this plan and see the potential savings every month. There really has never been a better time to refinance your home loan. This plan will save millions of homeowners from losing their home or falling deeper into debt. Look into refinancing or modifying your home mortgage today and see the potential savings.
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