What you need to know about refinancing your current loan. n recent years, millions of homeowners have taken advantage of low rates and refinanced their mortgages.

The government's Making Home Affordable Program is made up of two main components: refinance and loan modification loans. The refinance portion is called the Home Affordable Refinance Program (HARP). It is designed to help millions of homeowners stay in their homes through refinanced mortgages.

Sometimes, refinancing your mortgage can really save you money. You may be able to pay less interest, lower your monthly payment, or convert from a 30-year loan to a 15-year loan (and build your equity faster!). But be sure that refinancing is right for you.

Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income.