There are both good and bad reasons to refinance, and they are not just based on interest rates. Find out when refinancing makes the most sense and when it could be a bad move.
Harp allows many people whose homes are worth half of their loan balance to reduce their interest rates from as high as 12% all the way down to recent rates south of 5%. This is a life changing loan for many people, some of which will for the first time in a long time actually be able to fully repay their loan.
Try our easy-to-use refinance calculator and see if you could save by refinancing. Estimate your new monthly mortgage payment, savings and breakeven point.
Allan, Since you already did a HARP refinance you cannot do another HARP refinance. HARP was designed for underwater homeowners (mortgage is worth more than the home), so you are already receiving assistance. If you require additional assistance, I would reach out to your lender right away. Thanks for commenting, Tim Manni, HSH.com
The HARP refinance program was going to expire on September 30th. The Federal Housing Finance Agency announced recently that it would extend the Home Affordable Refinance Program or HARP 3.0 through the end of last year. This is good news for people who are struggling with their mortgage and who owe more on their home than it is worth.
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The HARP program is a refinance option that can make your payments much lower. to help home owners whose homes had dropped in value. When your home is not worth what you owe on it, you cannot.
HARP is intended to help people with little to no equity or even those who owe more than their home is worth do a rate/term refinance. That means they wouldn’t deal with the usual equity requirements as long as they were refinancing to lower their rate or change their term.
Under HARP, in two years, your home might still underwater and worth less than you owe. Sellers who arrange short sales can often qualify to buy a home in two to three years. So they essentially trade an underwater home for a home just like it but with a much smaller mortgage-except they rent for two years first.
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