I’m current on my mortgage, will a refinance under the Home Affordable Refinance Program (HARP) help me?

The HARP Program was designed to help homeowners with negative or low equity (high loan-to-value) to refinance their homes and take advantage of the low, current interest rates.

In order to qualify for the program, borrowers must be current on their mortgage, with no late payments in the last 6 months, and no more than one late payment in the past 12 months. The benefits are big for homeowners that qualify.

The current rate environment allows homeowners to benefit by lowering their payments considerably.  For example, a homeowner with a $300,000 loan at 6.0% would save $409 per month by moving to a 3.75% 30 year fixed loan.

To see the full HARP guidelines, click here.

 

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