If you are underwater on your mortgage you may qualify for a HARP mortgage. This program was designed by the government specifically to help out home buyers refinance and obtain a mortgage that is more stable. FHA, USDA, VA and jumbo mortgages are not eligible for this program. Additional requirements include no delinquencies or late mortgage payments for the past year.

In order to qualify your home must be backed by Fannie Mae or Freddie Mac and the loa must have a note date on or prior to May 31, 2009. Not sure if your loan is backed by these two entities? Both allow you to search their database on their website in order to find out if they have your loan.

Mortgage rates for Harp refinances are the same as regular ones. Check current mortgage rates at Best Rate USA before deciding if you should refinance. The process comes with numerous costs including inspection fees, loan application fees and attorney fees. Talk with your lender in order to find out if refinancing is suitable for your particular situation and financial needs.

The majority of loans in the United States are backed by Fannie Mae or Freddie Mac regardless if your lender is Bank of America or Wells Fargo. In most instances your lender is simply your mortgage servicer and the actual loan is likely to be backed by Fannie Mae or Freddie Mac.