Asked by jjnobadkitty  |  Submitted December 25, 2016

I want to refinance and lower my monthly payment. Can I take advantage of HARP?

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  Answers  |  2

December 27, 2016

That depends on the date you took out your loan, the type of loan it is, your current rate, and several additional factors. HARP loans are for borrowers who closed loans insured by Fannie/Freddie prior to May 31, 2009, haven't refinanced since, and have a good payment history. The main advantage of HARP loans is that equity matters far less than with conventional loans. In 2001-2014, that was a huge factor as depressed housing values made refinancing challenging for many folks. After several years of growing housing market values, however, HARP loans are beneficial to a shrinking pool of borrowers. If you'd like more specific answers to your question, feel free to contact me through my profile, I write loans nationally.

$commenter.renderDisplayableName() | 09.30.20 @ 21:39


January 12, 2017

The last day to get a HARP refinance is September 30, 2017, so don't delay investigating it further. Read the MoneyTips article on HARP loans for more information.

$commenter.renderDisplayableName() | 09.30.20 @ 21:39