The Home Affordable Refinance Program (HARP) was designed to help families who are underwater on their mortgage. Most HARP recipients owe more on their mortgages than what their house is currently worth, which makes it harder to qualify for conventional refinancing due to lack of equity. Since its inception in 2009, HARP has helped millions of Americans across the country refinance and keep their homes, with lower interest rates and monthly payments.
Benefits of a HARP loan:
- Lower monthly payments.
- Reduced interest rates.
- Securing a fixed-rate mortgage that won’t change over time.
- Build equity faster.
- Lower closing costs, since an appraisal is not usually required.
For more information about HARP loans, including complete eligibility requirements, contact us today.