Mortgage Refinancing Increasing

Week of May 04, 2009

Stars and Stripes reports low interest rates and new government programs significantly increased the number of servicemembers interested in refinancing their mortgages. Two new government measures are designed to ease the rise in foreclosures: the Home Affordability Refinance Program (HARP), and the Home Affordability Modification Program. To qualify for HARP, a homeowner must not have been more than 30 days past due on a payment during the previous 12 months. The loan must also be owned or controlled by Fannie Mae or Freddie Mac. Homeowners can look up their loan's ownership and check their eligibility for the program by calling their lender, or by going to Making a Home Affordable.

To learn more about personal finances, visit the Military.com Finance Center.