The Home Affordable Refinance Program (HARP) has arguably been one of the most successful programs to assist homeowners affected by the subprime mortgage crisis. The HARP website claims that over 3.4 million homeowners have been assisted by the program, with around 1 million of those homeowners having been underwater (owing more on their home than it is currently worth).
HARP was created to help homeowners who were in decent enough financial shape to avoid foreclosure, but who were unable to secure refinancing because the drop in their home values left them underwater or otherwise unable to meet traditional criteria. HARP does not reduce the amount of principal owed, but it does rework the terms in order to secure better interest rates, lower monthly payments, or save on collective interest.
Many homeowners who can take advantage of HARP refinancing have already done so. However, there are probably still some homeowners who are not aware that they qualify for the HARP program, or who did not qualify under the original terms but do under the revisions of the last few years.
If you qualify for the program and have not yet refinanced, you have until the end of September 2017 to complete your refinancing effort. To qualify for HARP, you must meet the following criteria:
If you believe that you may qualify, check with your current lender/mortgage servicer to see if they participate in the HARP program and investigate your refinancing options. It is wise to check rates and costs with other lenders to get the best terms possible. Mortgage refinancing calculators are available online for you to test different rates and terms and verify the best deal for your situation. MoneyTips is happy to help you get free refinance quotes from top lenders.
When speaking to a lender, you will need your previous year's income tax return and the minimum account balances and monthly payments on all debts, including credit cards. If you have any other liens, you will need to pass along that information as well.
More details on the program may be found at harp.gov.
There are less than 100 days left before the HARP deadline on September 30, 2017, so time is running out to take advantage of this program. HARP could lower your monthly payments or save you significant money in interest charges over the life of your mortgage. Do not place your hope in HARP receiving another extension, especially not in this political climate.
Originally Posted at: https://www.moneytips.com/harp-to-end-this-year
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