Great news for millions of homeowners due to President Obamas mortgage refinance obama stimulus plan. This "Home Affordability Plan" will allow an estimated 9 million homeowners a 4.5% fixed rate home mortgage refinance. The savings could easily add up to hundreds of dollars per month, here is how:
Many struggling homeowners got into their homes when times were good. Just a few years ago, the housing market seemed to be a sure investment, and homeowners had no fear getting into an ARM loan due to believing the homes value would increase. Restrictions on getting a mortgage were lax, and many homeowners got approved for loans which they realistically could not afford. As the housing market started losing its value, many homeowners were put into a bad situation. The effect has been felt, and homes are being lost to foreclosure or mortgage default at a record pace. President Obama and his administration have realized the problems, and in an effort to help, have enacted the "Making Home Affordable" stimulus program.
A lot of homeowners have seen the value of their property drop by 15% or more due to this mortgage crisis. In this case, the homeowners will be able to refinance into a fixed rate 4.5% home loan. Fannie Mae and Freddie Mac owned or insured home loans will automatically be eligible for a mortgage modification. The only requirement is some type of financial hardship such as loss of job, loss of income, hospital bills, and a long list of other hardships. The new monthly mortgage payment may not exceed 31% of the homeowners gross monthly income.
Now, each customer who is facing foreclosure can get their mortgage refinance by stimulus plan at a fixed interest rate of 4.5 %. This would make their loan cheaper and one would be able to sustain the payments. This way you can save your home and avoid foreclosure. The reduced interest rate will provide big time relief to the homeowners and they would now be tension free.
Refinancing a home mortgage into a fixed 4.5% interest rate will save millions of homeowners hundreds of dollars every month. The housing market will eventually recover and home prices will rise again and this stimulus package will no longer be in effect. Take advantage of this amazing chance to refinance your home loan today and potentially save thousands of dollars over the course of the home loan. The rush to refinance home mortgages is on and you should at least look into it to see potential savings. Refinance now and save hundreds of dollars every month, and possibly your home.
Many struggling homeowners got into their homes when times were good. Just a few years ago, the housing market seemed to be a sure investment, and homeowners had no fear getting into an ARM loan due to believing the homes value would increase. Restrictions on getting a mortgage were lax, and many homeowners got approved for loans which they realistically could not afford. As the housing market started losing its value, many homeowners were put into a bad situation. The effect has been felt, and homes are being lost to foreclosure or mortgage default at a record pace. President Obama and his administration have realized the problems, and in an effort to help, have enacted the "Making Home Affordable" stimulus program.
A lot of homeowners have seen the value of their property drop by 15% or more due to this mortgage crisis. In this case, the homeowners will be able to refinance into a fixed rate 4.5% home loan. Fannie Mae and Freddie Mac owned or insured home loans will automatically be eligible for a mortgage modification. The only requirement is some type of financial hardship such as loss of job, loss of income, hospital bills, and a long list of other hardships. The new monthly mortgage payment may not exceed 31% of the homeowners gross monthly income.
Now, each customer who is facing foreclosure can get their mortgage refinance by stimulus plan at a fixed interest rate of 4.5 %. This would make their loan cheaper and one would be able to sustain the payments. This way you can save your home and avoid foreclosure. The reduced interest rate will provide big time relief to the homeowners and they would now be tension free.
Refinancing a home mortgage into a fixed 4.5% interest rate will save millions of homeowners hundreds of dollars every month. The housing market will eventually recover and home prices will rise again and this stimulus package will no longer be in effect. Take advantage of this amazing chance to refinance your home loan today and potentially save thousands of dollars over the course of the home loan. The rush to refinance home mortgages is on and you should at least look into it to see potential savings. Refinance now and save hundreds of dollars every month, and possibly your home.
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