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 until December 31, 2018.
If you haven't acted yet, now is the time as rates remain historically low.
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 nearly 3.5 million homeowners — saving them an average of $2,400 in the first year after refinancing.
Now that HARP's been extended, take just a few minutes to see if it can help you, too. It can mean significant savings by lowering your monthly payment, reducing your interest rate, securing a fixed–rate mortgage that won't change over time and building equity faster through a shorter–term loan.
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 low, to find out if you qualify.
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