A mother playing with her toddler in their front yard.

Underwater, but current on your mortgage?

Read up on HARP, then talk to your lender. HARP—the Home Affordable Refinance Program—was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but who are underwater on their mortgages. That is, they owe almost as much or more than the current value of their homes.

Even if you got your mortgage loan at a bank, credit union or mortgage company, it may be owned by Fannie Mae or Freddie Mac. If so, it could qualify for HARP refinancing, and you could save thousands with a lower rate or other more favorable terms. No minimum credit score is required, and closing costs can be bundled into the new loan so you don’t need much cash up front.