The Obama administration has a new plan for homeowners to refi. If you are not behind in payments and your loan is backed by Fannie or Freddie, a new program will allow you to refi for rates as low as 5%. This program will also help people with credit scores as low as 620. Below is a link to a story in the LA Times from Sunday April 5th.
http://www.latimes.com/business/la-fi-cover5-2009apr05,0,3086950.story
If you do not want to read the story and see if you qualify a website has been created.
To check to see if your loan is backed by Freddie and Fannie here are a few ways you can check:
Caution! Fannie and Freddie have approved the use of computerized appraisal systems that can help "speed up" the process of refinancing. These computerized appraisals might be fast, but tend to be very misleading. We have had several lenders call saying the AVP came in at one price but in reality the property is worth drastically more or less. If an automated system overinflates your home's value, you will be underwater from the time you settle your refi. If home values then drop even slightly, the problem will be compounded.