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Harp, Harp, Harp

Homeownership | May 13, 2014

StopWatch Harp

If you owe more on your mortgage than your home is worth and haven't refinanced into a lower interest rate, this HARP is for you.

By HARP, we're talking about the Home Affordable Refinance Program®, a federal program that since 2009 has helped more than 3 million underwater homeowners save money by refinancing at historically low mortgage rates.

Even in today's rising mortgage rate environment, we estimate that there are many HARP-eligible borrowers who have yet to take advantage of the program and could save at least $100 – and even $200 or more – a month by refinancing. That's between $1,200 and $2,400 of savings in the first year after refinancing.

If you haven't refinanced or looked into it recently – what are you waiting for? To see if you might be eligible for HARP, get started by answering the following four questions:

  1. Does Freddie Mac own your loan?  Visit our secure loan look-up tool to find out. If not, see if Fannie Mae owns your loan. If either Freddie Mac or Fannie Mae owns your loan, you may be eligible for HARP.
  2. Is the note date on your mortgage on or before May 31, 2009? The results from the loan look-up tool will include the note date on your mortgage.
  3. Is your home your primary residence, a second home, or a 1- to 4-unit investment property?
  4. Are you current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months?

If you answered yes to all of the above, it’s time to call a lender to fully discuss your options.

Reach Out to a Lender

Call the company you currently make your mortgage payments to first.  Working with your existing lender offers you the most streamlined HARP option that for most homeowners would involve little paperwork.

If your current lender doesn't offer HARP, call other lenders in your area to discuss your eligibility.  If Freddie Mac owns your loan, our list of participating HARP lenders is a good place to start looking for a lender in your area.


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