refinance

3 steps to refinance your mortgage

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Know: Whom to call

Is the loan to value more than 100 percent -- in other words, do you owe more on the first mortgage than the house is worth? If so, your first call should be to that mortgage servicer. You probably are a candidate for the Home Affordable Refinance Program, or HARP. With a HARP refi, your best bet is to apply with the current servicer. You might be able to find a different lender that's willing to do a HARP refi, but inquire first with the current servicer.

Is the loan to value 90 percent or less? Most mortgage brokers and lenders will be able to help you. Call the current servicer, or get a referral to a broker or lender, or use Bankrate's mortgage rate tables to find a mortgage.

Are you in the no-man's land between 90 percent and 100 percent loan to value? You can try elsewhere, but probably should start with the current servicer.


 

 

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