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HARP: Home Affordable Refinance Program

The original Home Affordable Refinance Program (HARP) helped many underwater homeowners refinance their mortgages into lower monthly payments with lower interest. Now with the expanded HARP 2.0 more homeowners will benefit from a fixed loan and lower payments. If you are considering refinancing with HARP, here are some benefits of the program.

Benefits of HARP 2.0

In addition to a lower monthly payments and reduced interest rate, you will be getting a fixed-rate mortgage that won’t change over time. With HARP 2.0 no appraisal is required which will save time and money. HARP 2.0 refinancing can also help you build equity faster.

Homeowners with mortgage insurance will be able to roll that mortgage insurance over to the new HARP 2.0 mortgage. Fannie Mae and Freddie Mac have capped adjustments for HARP 2.0 refinances which has helped make interest rates comparable and some times more ideal that a normal conforming refinance.

The Loan Process and HARP

In order to keep things more simple for borrowers and lenders, the loan process is no different than any other refinance. HARP 2.0 is designed to reach more underwater homeowners with a higher loan-to-value ratio since borrowers will now be able to refinance regardless of how their homes have decreased in value; previous loan-to-value limits for HARP were set at 125%.

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