In the past, you’ve probably heard about the Home Affordable Refinance Program, or HARP. You’ve probably heard about how it can save people an average of $275 a month on their mortgage, and thousands more over the life of the loan. You’ve probably heard about how you can cut years off your mortgage as well, allowing you to live debt-free much sooner.
All of that is true. However, here are some things you may not have heard.
- The deadline has been extended! If you’ve heard that HARP expired in 2015, fear not; the government wants more people to take advantage of it, so the new deadline has been extended to later this year. But it’s unlikely to be extended again, so you’ll have to act fast!
- New qualifications might make you eligible! In the past, HARP was for homeowners who owed more than their home was worth. It allowed them to refinance and owe the correct amount. However, it worked so well for them, the qualifications have been extended. Now, if your mortgage is $625,000 or less, and you’re up-to-date on your payments, odds are, you qualify. Even if you’ve tried before, try again; you might be able to save thousands of dollars a year!
The government created this plan during the recession a few years ago, as a stimulus for the economy. But of course, that’s not good for the banks. They would rather keep you at the higher rates, because it means more money for them.
But HARP allows you to shop multiple lenders, which means banks have to offer the lowest rates if they want to keep you. In the end, the homeowners win. But only if they take advantage of the program!
There is absolutely no cost for trying, except a few minutes of your time. When you consider how much stress you’ll be relieved of, it’s worth it. Did I mention that there’s no cost, whether you qualify or not
Remember, the deadline is coming up soon, so take advantage of this before it’s too late! The good news is, once you do, your new rate is set even after the expiration date. Once you’re in, you’re in.
So what are you waiting for? Find out if you qualify.