Home Mortgage Refinancing the Right Way

Homeowners who are having a hard time paying their monthly mortgage payment, are facing “Financial Hardships”, are facing foreclosure, or want to save money every month should take advantage of President Obamas “Making Home Affordable” plan. This recently enacted plan allows homeowners to get 2% fixed rate home mortgages through refinancing or loan modification. Here is how you can take advantage:

To take advantage of President Obamas plan for yourself, you must meet these guidelines and eligibility requirements:

-Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.

-The home which is to be refinanced using this “Making Home Affordable” plan needs to be lived in as a primary residence by the actual homeowner. Homes used as investment, or second properties are not covered under this Government backed housing bailout program.

-With such a bad housing market and economy, homeowners can now refinance or get a home loan modification even if they owe as much as 105% of their homes actual market value. This will assist a lot of homeowners who have been making their payments, yet have seen their home values drop as a result of the tough economy.

-Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments.

This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure. Refinancing and loan modification are now easier and more beneficial for a homeowner than they have ever been before. If you need to save money to save your home, or pay off other mounting debts, use this plan now and start seeing the huge savings every month. You at least should look into the potential savings that you may be able to get by talking to a mortgage lender or bank. Do yourself a favor and act now before it is too late and you lose your home, or this program is gone.

-M Petrone
www.RefinancingCondo.com