Breaking news straight from the mortgage market! The Government extends HARP (Home Affordable Program) into 2016, making millions of homeowners eligible for lower mortgage payments and lower interest rates.
For those that haven’t heard about HARP, it is a government program designed to help homeowners save hundreds of dollars each month by refinancing their mortgages – we wouldn’t be surprised if most banks hope you never learn about it. The program was set to expire on December 31, 2015, but it has recently been expended into 2016. More than 3.3 million homeowners have already taken advantage of this and now thousands more are still eligible.
The decision to expand access to refinance was simple, the government wants to make millions of homeowners eligible, even if they are underwater. This not only helps individual families, but also boosts the economy by allowing homeowners to have more money to pay bills, spend in shopping, or afford college or a new car*. Most homeowners qualify for this program and the process is very simple. No tax forms and appraisals – just lower interest rates and lower payments each month. If you want to save hundreds of dollars each month and pay off your mortgage faster, you should act now. Don’t wait, as this stimulus program is set to expire soon (learn more on the next page).