4.5% mortgage rates are now available to homeowners who refinance with President Obama's stimulus plan. This mortgage bailout plan allows millions of homeowners the chance to get a better, more affordable monthly mortgage payment through new refinancing and modification options. Using this plan for yourself is easy, and the benefits are amazing.

Homeowners who are struggling to make their home loan payments, and those already in foreclosure, can now easily get approved for refinancing and mortgage modification. Since the economy is in such bad shape, the housing market is also hurting. This has left millions of homeowners facing foreclosure, or barely able to keep up with their mortgage payments. To help, President Obama announced and enacted his "Making Home Affordable" plan earlier this year.

There are many benefits of this program that homeowners can take advantage of. Some of them include:

-Mortgages from Fannie Mae or Freddie Mac are automatically eligible to get a modification into a more affordable monthly payment.

-Mortgage interest rates as low as 4.5%

-The ability to change the length of the mortgage so that payments will be lower every month.

-Homeowners can now get approved for refinancing even if they owe 25% more than the home is actually worth.

-Homeowners who have lost a job, have medical bills, a reduced income, or other financial hardships can now more easily get approved for mortgage refinancing or modification of their home loan.

Homeowners everywhere can use this plan to their advantage. The goal of this stimulus plan is to have homeowners avoid being foreclosed. Many people can benefit from this plan, and many already have. There is help out there, for almost any homeowner. Contact a mortgage lender or bank today and see what the benefits will be for you.