Still unknown to many, this brilliant government program called the Home Affordable Refinance Program® (HARP) could benefit millions of Americans and reduce their monthly payments by as much as $3,500 each year.1 You could bet the banks aren’t too thrilled about losing all that profit and might secretly hope homeowners don’t find out before time runs out.
So while the banks happily wait for this program to end, the government is making a final push and urging homeowners to take advantage. The program is set to expire in 2016, but the good news is that once you’re in, you’re in. If lowering your payments, paying off your mortgage faster, and even taking some cash out would help you, it’s vital that you act now.
Putting Money Back Into The Middle Class
Did you know if your mortgage is less than $625,000, your chances of qualifying for HARP could be high? The Government wants the banks to cut your rates, which puts more money in your pocket, ultimately boosting the economy.
But the banks are not happy about this. Here’s why:
The program makes it easier to qualify for lower mortgage rates
You have the option to shop lenders other than your current mortgage holder
You think banks like the above? Rest assured, they do not. They’d rather make more money by keeping you at the higher rate you financed at years ago. The middle class seems to miss out on everything, and jumping on this benefit is a no-brainer.
The average monthly savings is $291 per month.2
On top of the savings, many homeowners could pay off their mortgage faster.
Homeowners can even take cash out for home improvements, pay off debt, or pay for their children’s education.
Where Do I Start?
With many mortgage lenders and brokers available, it can take consumers hours to simply contact each one separately and request a quote. The good news is that there are services that could help you save time and money by comparing multiple lenders at once. One such service is LendingTree, which has one of the biggest lender networks in the nation and what’s better is that they work with HARP lenders to provide consumers with a comprehensive set of mortgage options.