President Obama’s recently enacted homeowner mortgage stimulus plan will allow millions of homeowners the amazing chance to refinance their current home mortgage into a new one with a 4.5% fixed rate. This “Mortgage Refinance Affordability Plan” will have homeowners savings hundreds per month. Here is how it works:- Right now, there are several grants, tax credits, and incentive programs to help homeowners overcome this tough economy and mortgage crisis, regardless of their credit history. Although these Government backed programs are designed for help in the short term, it will save millions of homeowners from losing their home to foreclosure or forced sale. These government grants and loans can also be used to pay off other debts a homeowner may have such as credit cards, auto loans, tuition, and a whole list of others.- Also now available to homeowners who are facing “Financial Hardship” are home loan modification programs. These “Financial Hardships” can be a loss of job, loss of income, hospital bills, tuition, credit card debts, auto loans, and other expenses. Using these home mortgage modification programs, a homeowners mortgage payment will not be more than 31% of their gross monthly income. In addition to that, a homeowners total monthly debts, including mortgage payments, must not exceed 51% of the gross monthly income of the homeowner.- Both President Barack Obama and the Federal Reserve would love to see mortgage interest rates set at a fixed 4.5% for all homeowners and any potential home buyers for the life of the home loan.- Free, professional, mortgage counseling is available to homeowners using HUD. These mortgage counselors will act as representatives on your behalf and represent you when talking with banks and mortgage lenders about refinancing or modification of a home mortgage.- Property values that have dropped by more than 15% as a result of this economy and mortgage crisis can now refinance their home into a fixed rate 4.5% home mortgage. This really helps homeowners who have seen their property and surrounding values drop as a result of the mortgage crisis.Refinancing your mortgage using President Obamas “Home Affordability Plan” will save millions of homeowners thousands of dollars over the course of their home loan. The rush to refinance is on as homeowners look to take advantage of this refinance stimulus plan and lock themselves into a fixed rate low interest loan. Others are using this refinance package to save their home from foreclosure. Either way take advantage now and see the savings start to quickly add up.
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