More than 3.2 million homeowners have refinanced through the Home Affordable Refinance Program (HARP) since its debut, says a recent report by the Federal Home Finance Agency (FHFA). And you could be one of the more than 722,000 borrowers who still have a strong financial incentive to do so, according to their second quarter 2014 estimates. You are considered one of these "in the money" borrowers if you meet basic HARP eligibility requirements, have a remaining term on your mortgage of greater than 10 years and your mortgage interest rate is at least 1.5% higher than current market rates. You could save, on average, as much as $200 per month on your mortgage.
If you can answer "YES" to all of these questions, you meet the basic eligibility requirements and should contact your existing servicer (the company you send your mortgage payment to) or any participating lender and ask about a HARP refinance.
- Does Freddie Mac or Fannie Mae own or back your mortgage? Check here.
- Was your mortgage originated on or before May 31, 2009?
- Are you underwater, or have a current loan-to-value ratio greater than 80 percent?
- Are you current on your mortgage payment?
- Is your recent mortgage payment history good? That is, you don’t have any 30-day+ late payments in the past six months and no more than one late payment in the past 12 months?
- Is your home your primary residence, second home, or investment property?
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