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Home / Blog / Home Loan Appraisals / Yes or No: Will Refinancing through HARP Reduce the Principal Amount I Owe on my Loan?

Yes or No: Will Refinancing through HARP Reduce the Principal Amount I Owe on my Loan?

May 31, 2014 By Mary Catchur

HARP Refinancing.Editor’s note: The HARP program, designed to help homeowners who owed more than their homes were worth, expired Dec. 31, 2018. There are still other options available regarding home appraisals and refinancing to help homeowners who are underwater on their mortgage.

Will refinancing through HARP reduce the principal amount I owe on my loan? The answer to this question is no.

HARP (Home Affordable Refinance Program) is designed to help borrowers get into more affordable loans, but will not reduce the principal amount you owe on your mortgage. However, refinancing through HARP or another refinance option can benefit you with a new loan that has more favorable terms such as a lower interest rate that will save you money by reducing your monthly payment and the amount of interest that you pay over the life of the loan.

To learn more about HARP, see these articles:

  • HARP: Refinance Your Home Under The HARP Program
  • Important Changes to HARP: Refinancing Could Be Easier Than Your Think
  • Want to know whether you are eligible to refinance under HARP?
  • HARP Eligibility Requirements

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. In addition, we’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application or contact us

Updated on March 15, 2022

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Filed Under: Home Loan Appraisals Tagged With: HARP, refinance

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
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