How do I apply to refinance my mortgage under the Home Affordable Refinance Program?
You should call your mortgage servicer or lender and ask about the Home Affordable Refinance application process. The number is on your monthly mortgage bill or coupon book. It may take some time to speak to someone at your bank about refinancing under this option. This is because the program is fairly new, so lenders and servicers are just beginning to implement the program and it may take time before they are ready to process all applications. In the meantime, it will help your lender and speed up the application process if you gather some information and documents before you call.
You should speak to an attorney regarding your refinancing options as well. You may qualify for a variety of programs and an attorney will be able to explain which program is best for your situation. Also, when you are represented by an attorney, the attorney may be able to speed up the process of getting your refinance approved by your lender.
Other Refinancing a Home FAQs
-
Q:
Will refinancing lower my payments?
A: Refinancing your home often will lower your monthly payments. However, whether your payments are reduced may depend upon how your home is refinanced and whether … More -
Q:
When and why does foreclosure begin?
A: Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender … More -
Q:
Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?
A: Refinancing your mortgage under the Home Affordable Refinance Program will not reduce the amount you owe on the mortgage. The objective of the Home Affordable … More -
Q:
How do creditors get paid when foreclosing on a house to satisfy unpaid debts?
A: A foreclosure is where the creditor collects its lien by forcing a sale of the debtor's real property. The creditor receives the amount of the proceeds from the sale … More -
Q:
What are the eligibility requirements to refinance under the Making Home Affordable Plan?
A: You may be able to refinance your mortgage under the Making Home Affordable Plan if: • You are the owner occupant of a one to four unit home; •The … More -
Q:
What is the Homeowner Affordability and Stability Plan?
A: Congress recently passed the Homeowner Affordability and Stability Plan (“the Plan”), which provides various options for homeowners who are feeling the … More -
Q:
If I'm current on my mortgage will the Home Affordable Refinance Program help me?
A: If you are current on your mortgage, you may be able to refinance your loan under the Home Affordable Refinance Program. Many homeowners who … More -
Q:
What is a loan modification, and how will it help me with my mortgage?
A: A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal … More -
Q:
I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?
A: You may still be able to refinance your home under the Making Home Affordable Plan even if you owe more than your property is worth. Eligible loans will include … More -
Q:
How long does it take to get a loan modification?
A: The length of time that it takes to get a loan modification depends greatly on how long it takes your mortgage holder to process your loan modification, as … More
