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 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.
Updated on March 15, 2022