Beginning of content

Home Affordable Refinance

Government home loan refinancing program. As part of the federal government's Making Home Affordable program, the Home Affordable Refinance Program was developed to help if you don't qualify for a traditional refinance and are current on your mortgage payments.

Is a Home Affordable Refinance right for me?

Program goal

The goal of the government’s Home Affordable Refinance Program is to help make monthly mortgage payments more affordable for customers who may not have sufficient equity in their home to qualify for traditional refinancing.

Eligibility

You may be eligible to refinance your home loan under the Home Affordable Refinance Program (HARP), if:

Your home loan is owned by Fannie Mae or Freddie Mac

How do I know?

To find out if your loan is owned by Fannie Mae or Freddie Mac, simply call the toll-free numbers below or use their online lookup tools.

Fannie Mae:

1.800.7FANNIE (8 a.m. to 8 p.m. ET) www.fanniemae.com/loanlookup Opens a new window

Freddie Mac:

1.800.FREDDIE (8 a.m. to 8 p.m. ET) www.freddiemac.com/mymortgage Opens a new window

Your loan was sold to Fannie Mae or Freddie Mac on or before June 1, 2009

You're current on your mortgage payments

within the past twelve months, you've been more than 30 days late with your payment only once

within the six months immediately before you apply for your refinance, you've not been 30 days or more late with your payment

Other options may still be available. If you can't afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification under the federal government's Home Affordable Modification Program.

Get more details on the Home Affordable Refinance Program.

How do I get started with a Home Affordable Refinance?

Call us today at:
1.800.669.6607

7 a.m.-7 p.m. local time

Now that I'm in the process, what's next?

Call us to request a Home Affordable Refinance.

Before you call, to save time, gather some financial information that we'll be asking you for. Please have handy the following for everyone listed on your home loan:

  • Pay stubs or, if self-employed, quarterly or year-to-date profit/loss statement
  • Bank statements for all checking and savings accounts
  • Tax return

During the call, we'll discuss your situation, check your eligibility and help you complete an application over the phone.

I've submitted my financial information.

After the call, we'll send you a welcome package containing key facts about refinancing and the costs involved.

  • A Good Faith Estimate document that spells out the settlement costs associated with the loan
  • A Truth in Lending Disclosure Statement

You may also receive a one-page Clarity Commitment1 summary that clearly shows key loan terms, is written in plain language and is designed to help you understand the loan you are applying for.

Important: Once you receive your welcome package, you'll need to compare the proposed loan terms to your current loan. If the proposed payments aren't an improvement over what you pay now, and you're not refinancing to lock in a fixed rate, refinancing may not be right for you.

If you qualify, we'll call you to let you know that you've received conditional approval. We may ask you to send us additional information if it's needed. To avoid any delays, please provide any additional information we request as soon as possible.

We'll also:

  • Pull a credit report for all applicants
  • Order a home appraisal to determine your home's market value

The program's goal is to help make monthly mortgage payments more affordable. You might want to consider the possible advantages of refinancing from an adjustable-rate loan to a fixed-rate loan, or eliminating higher risk loan terms such as interest-only payments or balloon payments. This may help provide you with more long term stability. It's important to know that even though refinancing may lower your monthly payment, it resets the terms of your loan and therefore may increase the total number of monthly payments and interest charges you pay over the life of your loan (shown on the Truth in Lending Disclosure Statement) when compared to your current situation.

When you apply for a refinance loan at Bank of America, you'll receive a Truth in Lending Disclosure Statement containing your new interest rate, mortgage payment and the amount you'll pay over the life of the loan. You may also receive our Clarity Commitment® document, a one-page summary1 of key loan terms written in plain language, which is designed to help you better understand what you're getting.

Together with your mortgage loan officer, you can compare the Truth in Lending Disclosure Statement and Clarity Commitment® to your current loan. If the proposed new payment isn't an improvement, the Home Affordable Refinance Program may not be right for you and you are under no obligation to continue.

Other options may still be available. If you can't afford your monthly mortgage payments due to a financial hardship, you may qualify for a loan modification under the federal government's Home Affordable Modification Program.

I'm awaiting final approval.

We'll begin reviewing and verifying your information. We'll need to:

  • Review the property appraisal with your credit history and overall financial situation to make a decision whether to approve your loan request.

The review process may take up to 90 calendar days, depending upon whether you have a home equity loan or line of credit with us or with another lender. We'll contact you regularly during this time to update you on your status. You can also check the status of your application online at any time.

If approved, you’ll receive a phone call from us to schedule the signing of the new loan papers, otherwise known as a closing.

Important: Be sure to continue making your normal mortgage payments until you sign the loan documents and your refinance takes effect.

I've been approved for a Home Affordable Refinance.

If your loan is approved, you'll go through a closing process similar to when you first purchased your home.

At the closing, you and any co-borrowers will need to:

  • Sign a full set of loan documents
  • Pay for closing costs, unless some or all of the costs are financed into the loan amount

 

1The summary is provided as a convenience, does not serve as a substitute for a borrower's actual loan documents, and is not a commitment to lend. Borrowers should become fully informed by reviewing all of the loan and disclosure documentation provided.

Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Home Loan Assistance Frequently Asked Questions

Yes. It's a requirement of this program that you are current on your payments, and:

  • Within the past 12 months, you've been more than 30 days late with a payment only once
  • Within the six months immediately before you apply for your refinance, you haven't been 30 days or more late with your payment

It's based on the recent sales of other houses close in size and similar to the quality of the neighborhood.

The program's goal is to help make monthly mortgage payments more affordable. You might want to consider the possible advantages of refinancing from an adjustable-rate loan to a fixed-rate loan, or eliminating higher risk loan terms such as interest-only payments or balloon payments. This may help provide you with more long term stability. It's important to know that even though refinancing may lower your monthly payment, it resets the terms of your loan and therefore may increase the total number of monthly payments and interest charges you pay over the life of your loan (shown on the Truth in Lending Disclosure Statement) when compared to your current situation.

When you apply for a refinance at Bank of America, you'll receive a Truth in Lending Disclosure Statement containing your new interest rate, mortgage payment and the amount you'll pay over the life of the loan. You may also receive our Clarity Commitment® document, a one-page summary1 of key loan terms written in plain language, which is designed to help you better understand what you're getting.

Together with your mortgage loan officer, you can compare the Truth in Lending Disclosure Statement and Clarity Commitment® to your current loan. If the proposed new payment isn't an improvement, the Home Affordable Refinance Program may not be right for you and you are under no obligation to continue.

Yes. If you don't have enough equity in your home to qualify for traditional refinancing, you may be eligible for this program. The current market value of your home will be determined after you apply.

You may be eligible, provided that your home equity lender agrees to remain the second lender, and you're able to make the new payments.

If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu you may be able to dispute the decision. You can file an escalated case with us if you have reason to believe any of the following are true:

  • You met all the criteria for home loan assistance but were not properly evaluated for assistance or were improperly denied assistance. This may include:
    • You did not receive adequate notice from us about your foreclosure alternatives
    • You were not given appropriate time to respond to communications from us during your loan review process
  • Your loan was referred to foreclosure prematurely, or we did not suspend foreclosure activities when we were required to do so

You can also file an escalated case if either of these two specific concerns apply to your loan:

  • You have a reasonable belief that your mortgage loan is being serviced in a fraudulent manner
  • You have retained a lawyer to help you resolve a mortgage dispute with Bank of America

If you have reason to believe that any of the above apply in connection with your loan review and affected your eligibility for home loan assistance, you may file an escalated case with us to review your concerns.

Please note that inquiries about a pending request for home loan assistance or general questions about the servicing of your mortgage do not meet the requirements for an escalated case. For general servicing questions, please call 1.800.669.6607 (Monday-Friday, 7am-7pm local time).

To file an escalated case, you or any third party representing you, such as a housing counselor or attorney, should send us a brief letter describing the specific reasons you believe one of the above scenarios applies to your loan or to your application for home loan assistance. If you are represented by an attorney, please have your lawyer submit this request on your behalf.

Escalated case requests must be sent by mail to the following address:

  • Bank of America Corporate Center
    Attn: BAC Escalated Case Unit
    P.O. Box 940508
    Simi Valley, CA 93094-0508

Please note that if a third party, such as an advisor or a nonprofit advocate, contacts us to submit an escalated case on your behalf, we must have your written authorization before we can communicate with them about you or your loan. Without your written authorization, we will not be able to discuss your home loan with them. We can provide you with an authorization form upon request.

What to expect after submitting your request

Within three business days after receipt:

  • If your submission meets the requirements for an escalated case, within three business days of the receipt of your request, we will send you a written acknowledgement that we have received your request. This acknowledgement will also include the estimated date by which your escalated case should be resolved, along with a toll-free number for the Escalated Case Unit.

Within 15 calendar days after receipt:

  • In most cases, within 15 calendar days of receiving your request, we will mail you a written response describing the proposed resolution of your request and any next steps to be followed by you or by us. If your matter cannot be resolved within 15 calendar days, we will notify you of the delay and give you a new estimated resolution date. This new estimated resolution date, in most cases, will be no longer than 30 calendar days from the date we received your original escalated case.

Checking the status of your escalated case

Your written confirmation will include a toll-free number you can call for information about your escalated case.

 

1The summary is provided as a convenience, does not serve as a substitute for a borrower's actual loan documents, and is not a commitment to lend. Borrowers should become fully informed by reviewing all of the loan and disclosure documentation provided.

Refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.