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Mortgage refinancing is easier than ever for all homeowners to get approved for thanks to President Obamas stimulus plan. This stimulus program enables millions of people to get help lowering their monthly home loan payments, and will prevent a lot of homes from being lost to foreclosure or default. Here is what homeowners need to know when refinancing a mortgage with Obamas home stimulus plan.

In the past, refinancing an upside down mortgage was nearly impossible without a large amount of cash. Also, homeowners would have a hard time getting approved for a refinance unless they had good credit and no other financial issues. These days though, things have changed. Many people are struggling to make their home loan payments and foreclosure and mortgage default are at all time highs. President Obamas plan will provide help to millions of people by providing them with new, easy to qualify for, money saving mortgage refinance options.

Over $75 billion is being spent to assist homeowners. Over 8 million people can use this program for themselves, save money, prevent their home from being lost, or both. This money is going to be given to mortgage lenders and banks who help homeowners. Every time a lender or bank helps someones using Obamas stimulus plan they will get a cash bonus for doing so. This money enables them to help more people, and take on more risk. That is how getting approved for a mortgage refinance right now is easier than ever before.

Homeowners should use this program for themselves before their situation gets worse. Help is available but people must go out and get it. Mortgage rates are very low and the Obama plan makes refinancing easy. Take action now.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/how-homeowners-can-refinance-a-mortgage-with-obamas-stimulus-1766874.html

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Right now is a great time for struggling homeowners to refinance their mortgage and use President Obamas $75 billion “Making Home Affordable” plan for themselves. Getting approved for a refinance with Obamas stimulus is easy, and homeowners who use it will save a lot of money, prevent foreclosure, or both. Here is what homeowners need to know about Obamas stimulus plan.

This stimulus plan is designed to make it easy for nearly any homeowner to get approved for a mortgage refinancing. This is possible because of the $75 billion in Government money. This money is being given as cash incentives to lenders and banks who offer struggling homeowners a solution that follows the guidelines of the Obama plan. Some of the biggest benefits of the Obama plan that homeowners will see are:

-Mortgage payments every month will not be greater than 31% of a homeowners gross monthly income.

-Interest rates that can be reduced to as little as 2%.

-No cost or fees when getting a mortgage refinancing through Obamas plan.

-Easy approval requirements that allow homeowners with an upside down mortgage, bad credit, or other financial hardships to get approved for mortgage refinancing.

Millions of homeowners across the country are in bad shape. This stimulus plan is a great way for many of them to get their finances in order, save money, and prevent their home from being lost. The cash incentives make mortgage lenders and banks more likely to help more people, including those with financial problems or upside down mortgages.

Homeowners need to use this plan for themselves to prevent their situation from getting worse. Take action and use Obamas plan for yourself and get a mortgage refinancing. The benefits are so great that millions of people will save a lot of money, and their homes.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/get-2-home-mortgage-rates-by-refinancing-with-obamas-stimulus-plan-1749199.html

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Streamline refinances are easier than other types of refinances because their is no appraisal or credit report required. The only time that this is not true is if the new loan amount exceeds the original loan amount, but if that is the case you likely won’t qualify anyway. What makes a streamline refinance quicker and easier to obtain than any other type of refinance is the fact that their is little documentation needed to close on the loan.

Basic Requirements For An FHA Streamline Refinance
-Mortgage being refinanced must already be FHA insured
-The mortgage being refinanced may not be delinquent
-Borrower’s monthly payment must be lowered
-No cash out

There are certain things that need to be taken into account when doing an FHA streamline refinance. First of all, the mortgage being refinanced already has to be an FHA approved first mortgage. There is no cash out allowed by the borrower, and the purpose of the refinance is to simply lower the borrower’s monthly interest and principal payment. To provide for closing costs, there may be a minor adjustment in the no cash out clause allowing up to an additional $500 above the original loan amount.

The only repairs that are required to be completed when doing an FHA streamline refinance are those that deal with lead based-paint. If the lender requires any other repairs to be completed by the borrower they must be paid for out of the borrower’s pocket.

FHA streamline refinances don’t require an appraisal, but in cases where an appraisal is done, the maximum insurable mortgage is figured out differently.

Calculating the maximum insurable mortgage amount with an appraisal is the lesser of the following two calculations:
1. Maximum LTV(Loan-to Value) percentages multiplied by appraised value, excluding closing costs.
2. Sum of existing FHA first mortgage, accrued late charges, prepaid expenses needed for the escrow account, escrow shortages, closing costs and reasonable discount points minus any upfront MIP refund.

Without an appraisal, the maximum insurable mortgage amount is calculated by the lesser of the following:
1. Original loan amount with any upfront MIP and new UFMIP charges included.
2. Existing debt calculation, which is the same as number 2 above but also includes the expense of the new up-front UFMIP.

There are a couple of ways in which lenders can offer an FHA streamline refinance to a borrower.

-No Cost Refinances- No out of pocket expenses to the borrower. All expenses are paid by the lender. This will likely result in a higher interest rate than if the borrower had paid the expenses out of their own pocket.

-Closing Costs Included In New Mortgage Amount- If there is sufficient equity in the property as determined by an appraisal, then the closing costs can be included in the new loan. This can also be done without an appraisal as long as the new loan amount does not exceed the original loan amount.

If you already have an FHA mortgage and are interested in refinancing to lower your monthly payments, an FHA streamline refinance could be the simplest and fastest way to get your loan approved. While the basic requirements will be the same no matter what lender you choose, be aware that the fees and interest rates may be different depending on the lender.

Rob K. Blake, home loan expert and author, educates mortgage shoppers on finding local providers by state like Rhode Island Mortgage Brokers and Lenders and provides reviews of national companies like Accredited Home Lenders.

Article Source:http://www.articlesbase.com/mortgage-articles/fha-streamline-refinance-things-you-should-know-1743293.html

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President Obama knows homeowners need help. That is why he announced his $75 billion “Making Home Affordable” plan. This plan will allow nearly any homeowner to get a mortgage refinancing, save money, prevent a home from being lost, or all of these things. Here is how President Obamas stimulus plan is helping homeowners get a mortgage refinancing.

This program is all made possible because of the $75 billion that is being used to create new mortgage refinancing options for homeowners. This money is given to only approved mortgage lenders and banks who offer homeowners a refinancing option from Obamas stimulus. This is makes it possible for homeowners with all types of problems to find help and financial relief through new mortgage refinancing options.

Also, another use for this money is to keep mortgage interest rates low for all people. This has resulted in mortgage rates being near their record lows for most of 2009 and so far into 2010. These lower rates are they key to homeowners saving money, and preventing their home from being lost. Mortgage rates are less than half of what they were 10 years ago, and many people can take advantage of that fact and refinance to save a lot of money.

There has never been a Government stimulus plan this big that has the ability to help so many homeowners. Homeowners should take advantage of these new programs and refinance their home loans now. Do not believe that your situation is helpless, use Obamas plan for yourself today.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/how-obamas-stimulus-helps-homeowners-refinance-a-mortgage-1743359.html

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Mortgage refinancing applications have been coming in at a record pace. That is because millions of people are able to save a lot of money, prevent their home from being lost, and get many more benefits thanks to President Obamas stimulus plan. Over $75 billion is being used to help homeowners, and qualifying for help is easy. Here is how you can take advantage of President Obamas stimulus plan and refinance a mortgage.

Getting help with your home loan has never been easier, or more beneficial, than it is right now. This stimulus program from Obama enables millions of people to easily get a mortgage refinancing that will reduce their monthly home loan payments, save them money, and prevent them from losing their home to foreclosure or default. Regardless of your financial situation, there is help available for you from this housing stimulus program.

-Homeowners who owe up to 25% more than their home is actually worth can get approved for refinancing.

-Homeowners who have been denied in the past, can now get help.

-Bad credit and other financial hardships will not prevent a homeowner from lowering their monthly payments from new mortgage refinancing options.

Never before has this much help been available from the Government to help homeowners. Mortgage rates are extremely low, and there is an option to save money on your mortgage payments for nearly every homeowner. Take advantage of this stimulus program for yourself and see how quickly the savings add up. This program will save millions of homes from being lost, and individual homeowners a lot of money every single month. Take action now and refinance your home loan with Obamas housing stimulus program.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/refinancing-a-mortgage-to-take-advantage-of-obamas-stimulus-plan-1734405.html

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