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: How do I apply to refinance my mortgage under the Home Affordable Refinance Program?
  A: 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 … 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