Refinancing: Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

Do I qualify for a Making Home Affordable refinance? Answer these questions:

• Is your home your primary residence?
• Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
• Fannie Mae,
• 1-800-7FANNIE (8am to 8pm EST).
• www.fanniemae.com/homeaffordable
• Freddie Mac 
• 1-800-FREDDIE (8am to 8pm EST)
• www.freddiemac.com/avoidforeclosure/
• Are you current on your mortgage payments?
• “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
• Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

IF YES, YOU MAY QUALIFY FOR HOME AFFORDABLE REFINANCE

The next step is to gather the information you will need when you speak to a housing counselor or the servicer of your mortgage. This includes:

CHECKLIST

• Information about your mortgage, such as your monthly mortgage statement and
• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.

Ask about the Home Affordable Refinance application process TODAY!!!