Freedmont Mortgage CEO Carl Delmont explains what to watch for when selling to a first time home buyer, as well as some advice for those who may be purchasing for the first time.

Freedmont Mortgage CEO Carl Delmont explains the recent moves that will help save the nation’s two largest mortgage finance companies from potential crisis. The two lenders guarantee almost half of all US home loans.

Recently, President Barack Obama pledged to help nearly 9 million homeowners who are having a hard time making their monthly mortgage payments or who face foreclosure. This mortgage stimulus plan will make it easy for homeowners to get a 4.5% fixed rate home loan.

President Obamas mortgage stimulus plan targets two types of homeowners who have been most effected from the current mortgage crisis.

-The first group includes around 5 million homeowners who have seen the value of their home drop in this bad housing market, but who are not facing foreclosure, will now be able to easily refinance into a new home loan.

-The other part of the plan helps an additional 4 million homeowners who have adjustable rate mortgages (ARM loans), have their loans temporarily modified into a better lower interest loan, for at least 5 years.

The Federal Government has set aside over $75 billion to aid homeowners under this mortgage stimulus plan. Homeowners should take advantage of this great chance to refinance and save hundreds monthly on their mortgage.

-M Petrone
www.RefinancingCondo.com

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