So who will benefit from the Home Affordable Refinance program? People who aren't in danger of losing their homes now but still want to lower their mortgage payments. The government estimates this program will help 4 to 5 million homeowners who hold mortgages through Fannie Mae or Freddie Mac and are current on their mortgage payments. If they qualify, these homeowners will be able to refinance at a better interest rate—even if their homes have lost value.

Suze says there are two things you have to do to see if you qualify:

• Make sure your mortgage is backed by Fannie Mae or Freddie Mac. Visit FannieMae.com or FreddieMac.com to find out.
• Go to MakingHomeAffordable.gov. The government site will ask you a series of questions and assess your eligibility.
  

Get more from Suze about the refinance program.

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