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How will I know if a refinance under HARP will improve the longterm affordability or stability of my loan?

April 26, 2017affordability Harp loan Refinance stability

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How will I know if a refinance under HARP will improve the longterm affordability or stability of my loan?

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When you submit a loan application, your lender will give you a “Good Faith Estimate” and a “Truth in Lending Statement” that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.