Mortgage Refinancing Refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons. These resources will help you learn more about refinancing your mortgage: A Consumer's Guide to Mortgage Refinancing is your first place to look for an introduction to mortgage refinancing, including useful worksheets, a glossary of terms used in the industry, and more to help you decide if mortgage refinancing is right for you. What type of mortgage should you choose? Get information about mortgage types and the settlement process in Buying Your Home: Settlement Costs Booklet (PDF, Download Adobe Reader). Veterans may be eligible for refinancing their VA mortgage using Interest Rate Reduction Refinancing Loans (IRRRL). Making Home Affordable Program The Making Home Affordable Program offered opportunities to modify or refinance your mortgages, but as of December 30, 2016, no new requests for assistance under any MHA program will be accepted. However, the MHA program still offers free counseling and help for homeowners who are having difficulty communicating with mortgage companies or lenders about their needs for mortgage relief. Learn more about counseling or call 888-995-HOPE (4673). The Home Affordable Foreclosure Alternatives Program (PDF, Download Adobe Reader) (HAFA) is an alternative solution for homeowners who are interested in a short sale or deed-in-lieu to avoid foreclosure. Is there anything else I need to know? · Federal Reserve rules require mortgage companies to notify homeowners when their loans are transferred to another company. The company that takes over your loan must send you a notice within 30 days of acquiring it. Even with a new loan owner, the company that "services" or handles your loan might not change and you might continue to send your payments to the same address. If that loan servicer changes, you will receive a separate notice. · For more information about servicing companies, read the Federal Trade Commission's publication "Mortgage Servicing: Making Sure Your Payments Count."