Cancel certain risk-based fees, leading to lower closing costs for homeowners who refinance into loans with shorter terms.The program will take effect as early as Dec. If the note is owned by Fannie Mae, the result will say “Match Found.” For Freddie Mac, the result will say “YES, Freddie Mac is the owner.” STEP SIX For example, don’t enter “Main Street” if your records show “Main St.” “It’s that sensitive,” said Jonathan Jerotz, vice president of mortgage lending for Guaranteed Rate in San Diego. STEP FOURīe sure to enter your address exactly as it appears on your original loan documents. The sites are and ĭon’t have a computer? You can call (800) 7FANNIE or (800) FREDDIE. How do you know if Freddie or Fannie owns your note? Check their respective websites and fill in the designated blanks to get a confirmation. For example, Freddie Mac may be the note owner, but your servicer may be Bank of America.
The note owner is different from the servicer, the company to which you send you mortgage payments every month. STEP ONEįind out if Freddie Mac or Fannie Mae owns the note to your home. Until then, here's a step-by-step guide on whether you’re a likely candidate. Government entities Freddie Mac and Fannie Mae will share the new guidelines with lenders and servicers by Nov. The Obama administration last week announced major changes to a program that could help more than 1 million borrowers take advantage of historically low mortgage rates - and in turn make lower monthly payments.Ĭhanges to the federal Home Affordable Refinance Program, widely known as HARP, include nixing the 125 percent loan-to-value cap for fixed-rate loans, a requirement that impeded many borrowers, and eliminating some fees to help homeowners save money. Where are the most underwater borrowers in San Diego? Click on the map to see a large map.Ĭertain homeowners who are underwater on their mortgages - and think they have no chance of refinancing - may still have hope.
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