President Obama is encouraging Americans to refinance to avoid foreclosure and to save potentially thousands of dollars with a new mortgage.
Nearly 9 million Americans could take advantage of new record low mortgage rates. Most families will save hundreds of dollars a month by refinancing.
For months money was hard to come by. Lenders were holding on to what they had left. Now, with the government loan modification programs that work with banks and work to prevent foreclosures there's new hope for homeowners.
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