How to Use Obama's Mortgage Stimulus Plan to Refinance Your Home Mortgage - Top Easy Steps

In attempts to pull the economy out of the recession and attack the mortgage crises the federal government recently passed Obama's Mortgage Stimulus Plan. The administration has dubbed this the "Making Home Affordable" initiative and it has two main parts. One is aimed at wise but "underwater" homeowners who would like to refinance into a lower rate, and the other at borrowers facing financial hardship who are seeking a way to lower their monthly mortgage payments. Both programs are limited to borrowers who live in their homes, owe no more than $729,750 and fully document their incomes. The programs are effective immediately and this, along with historic low interest rates, can make refinancing your home a very attractive decision.

The first part of Obama's Mortgage Stimulus Plan is called the "Home Affordable Refinance" initiative which is meant to help borrowers whose value of their home decreased in the real estate market. While refinancing your home used to require that you at least have 20% equity built up, this initiative eliminated that rule and therefore makes it easier for homeowners to refinance their home mortgage loan.

The second program of Obama's Mortgage Stimulus Plan called the "Home Affordable Modification" is meant to help homeowners who are unable to pay their monthly payments do to unfortunate circumstances such as an illness or job loss. The government will actually send cash subsidies to your lender to help them reduce your monthly payment on your mortgage. If you have an adjustable rate mortgage and are currently experiencing higher than expected monthly payments then I suggest you contact a mortgage professional who will see if you are eligible for these government grants.

Obama's Mortgage Stimulus Plan passed with mixed feedback however one thing is abundantly clear. There has never been a better time in history to refinance your home mortgage. With all time low interest rates along with the federal government handing out billions in relief packages, you would be a fool to not at least consider refinancing to a low fixed rate mortgage.

A mortgage professional can help you further determine whether refinancing is a wise financial decision for you. They will provide you a cost/benefit analysis which will help you make an educated financial decision before you refinance your home mortgage. The most efficient way to get multiple quotes from various lenders to fill out an online application through a website that is affiliated with several top lenders. These websites will make the lenders compete for your business and you are then able to choose the mortgage lender you feel most comfortable with.

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