Millions of homeowners are still eligible for and would greatly benefit from refinancing their current home mortgage loans.

 

HARP (Home Affordable Refinance Program) was designed to help borrowers who remained current on their mortgage loans but owed more than what his or her home was worth as a result of the housing market crash in the late 2000s. When refinancing your mortgage loan, mortgage terms should improve for the borrower through interest rates, mortgage payments, and/or amount owed over the life of the loan.

 

HARP allows borrowers to take advantage of today’s current market rates and thereby improve their mortgage loan situation. The crash of the market led to millions of borrowers owing more than what their home was actually worth. This program has eligibility restrictions to ensure those who benefit are those that have been the most affected by the housing crash.

 

This program is available through the end of 2015 to assist homeowners in acquiring more favorable terms. A few eligibility requirements include:

 

·      Mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac

·      Mortgage cannot have been previously refinanced under HARP

·      Current loan-to-value (LTV) ratio must be greater than 80%

·      Borrower must be current on the mortgage at the time of refinance

·      Refinance improves long-term affordability or stability of the loan