If you owe more on your mortgage than your home is worth and haven't refinanced into a lower interest rate yet, then HARP is designed for you.
By HARP, we're talking about the Home Affordable Refinance Program®, a federal program that since 2009 has helped millions of underwater homeowners save money by refinancing at mortgage rates that are still historically low.
As recently reported by FHFA, there are approximately 367,600 HARP-eligible borrowers who have yet to take advantage of the program. By refinancing through HARP at today's mortgage rates, homeowners who are "in the money" could save, on average, as much as $200 per month on their mortgage payments, or $2,400 in the first year after refinancing. If this might be you, what are you waiting for? If you want to start saving too, get started now.
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 do you 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?
Call your lender now to find out if you qualify. Don't wait – mortgage rates remain low today and the program expires at the end of the year.
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