Editor’s note: The HARP program, designed to help homeowners who owed more than their homes were worth, expired Dec. 31, 2018. There are many good options for refinancing, so please contact us at your earliest convenience.
HARP allows you to refinance even if you owe more than your house is worth, eliminating your concern about paying down your loan balance in order to qualify. If you refinance under HARP and your new loan is a fixed-rate mortgage, there is no maximum loan-to-value (LTV) ratio.* If you refinance under HARP and your new loan is an adjustable rate mortgage, your LTV may not be above 105%. To calculate your LTV, divide the outstanding mortgage balance by the approximate value of your home.
Source: Home Affordable Refinance Program.
As a mortgage broker, we work with lenders to get the best refinancing deal for you, whether or not you refinance with HARP.
Please contact us when you get ready to refinance. We’ll explain your refinancing options, show you the pro and cons while answering your questions, and work with the selected lending institution to get the best mortgage for you.
To learn more about HARP, see these articles: