Home Affordable Refinance Program (HARP)
Are you making your mortgage payments on time, but still unable to refinance and take advantage of today’s low mortgage rates?
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. The changes are designed to allow even more homeowners an opportunity to refinance to a lower rate and shorter term even if they owe more than their home is worth. This program may be an affordable refinance option for homeowners who would not otherwise qualify for a traditional refinance.
Why refinance under HARP?
- Receive lower rates even if you have little equity in your home or even no equity at all.
- Reduce monthly mortgage payments when you refinance to a lower rate.
- Save on interest over the life of your loan when you refinance to a reduced term.
- No mortgage insurance is required on your new loan if none is in place on current mortgage.
- If your current loan has mortgage insurance, it will transfer to the new loan and remain in effect.
- Choose from standard fixed rate loan term options (30 year fixed, 15 year fixed) as well as adjustable rate options (5/1 ARM).
- No property appraisal required in many situations.
You may be eligible to refinance under HARP if:
- Your existing loan is owned or guaranteed by either Freddie Mac or Fannie Mae.
- Your existing loan was delivered to Freddie Mac or Fannie Mae on or before May 31, 2009.
- You are current on your mortgage payment, with no late payment in the past six months and no more than one late payment in the past 12 months.
- You have not already refinanced the same property in the past under the HARP Program.
Check your Eligibility
To find out if you’re eligible to take advantage of the Home Affordable Refinance Program, simply complete our Online Loan Application Form. We will take your information and utilize our direct link to Fannie Mae and Freddie Mac to determine your eligibility.