Take Advantage of Government Mortgage Refinancing Programs
Homeowners who owe more than their homes are currently worth now have more time to take advantage of the Home Affordable Refinancing Program. This program started in 2009 but was just recently extended to 2013 and also now applies to more people whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. Here's how this will save you money: If you borrowed $200,000 at 6 percent three years ago, refinancing now at 4 percent would cut the monthly payments by $282, says Greg McBride, a senior financial analyst at Bankrate.com, a personal finance website. Find out more about HARP at MakingHomeAffordable.gov.