Mortgage rates are at historically low levels providing the opportunity for homeowners to refinance their mortgages. The problem has been that loan program guidelines have made it very difficult to refinance a mortgage if the loan to value is over 80% of the house value.

On March 4, 2009, the Obama administration released the details of their new $75 Billion "Making Home Affordable " program which relaxes these guidelines for about 4-5 million home owners with loans owned or guaranteed by Fannie Mae and Freddie Mac to refinance through these institutions.

The plan was to have an easy place to look up whether your loan is owned or guaranteed by Fannie or Freddie by the 21st of March. The good news is that the easy lookup for Fannie Mae loans is out a little earlier than expected. The Fannie Mae Loan Lookup enables mortgage borrowers to quickly determine if Fannie Mae owns their loan by providing a street address, unit, city, state, and ZIP code. I still have not seen Freddie Mac's easier interface, but I assume that it will be out by the 21st deadline.

More information can be found on FiLife for the making home affordable program . Do you have more questions? Please ask our team of experts . We are here to help.