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Obama's stimulus mortgage refinance plan
Economists now tell us that the worst of the recession is behind us and we are in the recovery phase. For those homeowners who saw their mortgage interest rates spiral upward while their home values plummeted, this is little consolation. Fortunately there is relief available in what is referred to as Obama's Stimulus Mortgage Refinance Plan, also referred to as the Obama Refinance Plan. These are refinancing tools and guidelines targeted at those mortgage holders who are in financial straits due to the financial collapse. The Obama administration has come to the aid of distraught and indebted home owners with the Obama Mortgage Refinance Plan.
The secret of 2%
If you qualify for the Obama Mortgage Refinance Plan, your existing home mortgage can be modified so that your monthly payment on the newly modified mortgage cannot exceed 31% of your gross income. The duration for the repayment of Obama refinance mortgages have been extended up to 40 years. The extension of the number of years for repayment combined with the limitation on the amount to be paid as the repayment, in effect, reduces the applicable rate of interest. In some cases it can dip as low as 2%. The loan modification professionals in The Loanex Fast Cash network can work with you and your lender to help assure approval of the Obama refinance mortgage plan for your home mortgage along with the best applicable rate of interest.