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Learning About The Home Affordable Refinance Program

June 04, 2012 | Comments: 0 | Views: 100

Dealing with mortgage payments can be very difficult, especially when they are high. Many people choose to refinance in order to help lower their rates. However, if the value of your house has become substantially lower, you may not be able to refinance. As an alternative, the home affordable refinance program may be able to help you refinance instead.

The elements for eligibility for this program tend to vary. For example, one of the main requirements is that your mortgage needs to be guaranteed or owned by Fannie Mae or Freddie Mac. Either company must have had possession of your loan since 2009. Additionally, if you have previously used the home affordable refinance program, you cannot use it twice.

To be approved, you usually have to have a regular payment history of your mortgage for the past year. If you do not have a good history, it may minimize your chances of being approved for the program. However, eligibility can vary and you will have to talk to a mortgage counselor about your own personal options.

Not every mortgage company participates in the home affordable refinance program. This is another determining factor. If you do not know if your company is able to participate in the program, you will have to contact Freddie Mac or Fannie Mae for more information.

Another factor worth considering are the rates available for your refinance. Although you may have been denied for refinance, there may be other alternative programs that you can participate in. You should always consider some of the other rates that may be available in order to ensure that you get the best results.

You should always be aware of scams and try to avoid them when you are dealing with mortgages. When you are talking with counselors, ensure that they have been approved by HUD and that any prospective programs have also been approved. Misleading information often leads to a scam.

Additionally, if you are going to participate in the program, it is important to begin the application process as soon as possible. The processing time for each application can vary based on the circumstances. The home affordable refinance program ends in December 2013.

If you want to know more about the home affordable refinance program, you should contact a mortgage servicer or a HUD approved program. The counselors there will be able to answer all of your questions and provide you with more information about how you can get started.

I'm a loan advisor specializing in home affordable refinance programs.

Source: EzineArticles
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