2% Home Mortgage Refinance Loan with Obama\'s Stimulus Plan @ Low Rates

President Obama\'s "Making Home Affordable Plan" is a mortgage refinance and modification plan recently enacted in order to help millions of struggling homeowners having a hard time paying their mortgage some help. Mortgage refinancing will be offered to homeowners at a low 2% fixed rate which will mean hundreds of dollars per month in savings.

According to President Obama, an estimated 9 million homeowners will be able to take advantage of this home mortgage stimulus plan and either refinance or modify their home mortgage. These homeowners will be able to obtain a fixed 2% mortgage rate. Homeowners who are facing foreclosure can even apply and be approved in order to save their home.

See If You Qualify For Obama\'s Home Affordable Plan : www.loansstore.com/mortgage-refinance-loan-application.php

Some of the other benefits of Obama\'s mortgage refinance stimulus plan are:

-Reduction in the total principal amount due on the home loan and a lower interest rate obtained through either refinancing or modification.

-Only homeowners with more than one mortgage will not be able to refinance at the ultra low 2% rate. This part of the plan is only for homeowners with one mortgage,

- Any mortgage backed by either Fannie Mae or Freddie Mac is automatically eligible to refinance or modify into a low, fixed rate, 2% home loan.

- If your homes value has dropped due to this mortgage crisis, or for any other reason, by 15% or more, you will be eligible to refinance into the 2% fixed rate. This means that less foreclosures would occur resulting in more confidence in the housing marker and an overall upswing in home values.

- Using the home modification plan, homeowners mortgage payments will not be allowed to exceed 31% of their gross monthly income.

- When a home does get refinanced or modified through this Government package, a long term loan is typical. Home loans of 20 to 30 years are most likely as it helps drive down the monthly payments, and leads to a better chance of the homeowners being able to make the monthly payment.

For More info on mortgage refinance visit us at : www.loansstore.com/mortgage-refinance-loans/