How do I refinance my loan?
Loan refinances can be done through your current lender or servicer, however many homeowners will shop around and refinance through a different company offering the best rate. For underwater homeowners refinancing can be a great tool to achieve sustainable homeownership, especially with today's historically low interest rates. You should first contact your servicer directly and then shop around starting with our preferred loan officers. You should also check here to see if your servicer is part of the National Mortgage Settlement because it includes specific provisions for loan modifications and refinances as part of the settlement.
What is a HARP refinance?
The Federal government offers the Home Affordable Refinance Program, or HARP, which your servicer may or may not participate in. Additionally, there are eligibility requirements that you must meet as a homeowner. Click the links to the left or visit www.MHA.com for those details. Remember, participating servicers will first check to see if you're eligible for a HARP refinance before considering you for a proprietary refinance.
What about the mortgage settlement?
The National Mortgage Settlement includes provisions to refinance underwater loans held be servicers participating in the national mortgage settlement. However, NMS terms do not apply to Fannie or Freddie owned loans and eligible homeowners should have received letters from their servicers directly.