If you owe more on your mortgage than your home is worth and haven't refinanced into a lower interest rate yet, there's good news. The Home Affordable Refinance Program (HARP), a federal program designed to help eligible homeowners save money by refinancing into a lower interest rate – despite a drop in their homes value – has been extended.
If you haven't acted yet, you now have until September 30, 2017 to take advantage of the program and today's low rates.
HARP has been one of the most successful crisis–era programs put in place, helping homeowners nationwide who lost value in their homes. To date, the program has helped more than 3.4 million homeowners – saving them an average of $2,400 in the first year after refinancing.
Now that HARP's been extended, can it help you? Let's find out.
If you can answer "YES" to the following questions, you meet the basic eligibility requirements and should contact your lender (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?
- 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 today, while mortgage rates are still something to celebrate, to find out if you qualify.
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