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Home / Blog / Refinance / Important Changes to HARP: Refinancing Could Be Easier Than Your Think

Important Changes to HARP: Refinancing Could Be Easier Than Your Think

May 14, 2014 By Mary Catchur

Refinane Under HARPEditor’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 home appraisals and refinancing for homeowners who are underwater on their mortgage.

There have been a lot of changes with HARP since its inception in 2009. Today, more people qualify for HARP, and it’s easier to refinance.

HARP has made it possible for a lot of people to refinance their homes and save money every month.

If you have not refinanced since interest rates hit their lows, you could save money every month by refinancing your home mortgage. And if you qualify to refinance under HARP, refinancing your home could be easier than you think.

Important changes to the HARP program include:

  • No underwater limits
    Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
  • No appraisals or underwriting
    Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
  • Modified fees
    Certain risk-based fees for borrowers who refinance into shorter-term loans have been reduced.
  • Less paperwork
    Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
  • Extended deadline
    The end date to get a HARP refinance has been extended to December 31, 2015.

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

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Filed Under: Refinance 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 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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