If you haven’t heard of the Home Affordable Refinance Program, also known as HARP, just ask one of the 2.9 million homeowners who have saved as much as $12 billion a year on their mortgage. The HARP program was first introduced in 2009 and has since made changes to help even more borrowers qualify for a refinance.
If your mortgage is held with Freddie Mac or Fannie Mae, you could be one of the 1-2 million potentially eligible borrowers that have yet to save money through a HARP refinance. Those who have taken advantage of HARP are saving an average of $4,300 annually. Not only can you lower your interest rate with a HARP refinance but you can also shorten your loan term to help increase equity faster.
Even if you owe more on your home than it is worth you still may be eligible as HARP allows unlimited loan-to-value, which is the percentage of the property’s value that is borrowed. If you have been turned down for a refinance before you may still qualify due to the programs changes.
Don’t hesitate to contact me for more information on HARP refinances or any other mortgage need.