How Would You Spend an Extra $82 a Week?

By Robert Koller

Fannie Mae borrowers who have refinanced through the Home Affordable Refinance Program (HARP) have saved an average of $82 per week on their mortgage payments*. That savings could pay for the average household’s weekly clothing costs or about half the weekly grocery bill.

Couldn’t you use an extra $82 a week?

HARP is the government’s program that allows eligible homeowners whose homes have lost value to refinance, even if they owe more than their homes are worth. It is available to qualified borrowers with mortgages owned by Fannie Mae or Freddie Mac. If you are current on your mortgage, you should find out if HARP can help you save money, too.

Not all savings offers are scams

HARP can offer real savings almost immediately, but if you’re like many people who have received too many mailings to take any offers seriously anymore, it might be hard to know who to trust.

There are many trustworthy sources of information about HARP, and the Federal Housing Finance Agency’s website is an excellent place to start. On HARP.gov you’ll find facts about the program, basic guidelines on who’s eligible and tips for how to get started.

Has your current mortgage company contacted you about HARP? If so, it can help you learn more and find out if you’re eligible for a HARP refinance.

Knowledge is power

The more you know about HARP, the easier it will be to talk with lenders about whether you are eligible for the program.

For example, did you know that you don’t have to refinance into another 30-year loan? Fifteen- and 20-year loan terms are available with HARP, so you don’t necessarily have to extend the time you have left to pay on your home.

You also don’t need to bring additional money to the table if your mortgage amount is higher than the value of your home, and closing costs are generally lower than a traditional refinance.

Use the resources available on HARP.gov to learn more about the program. HARP eligibility guidelines were expanded in 2011, allowing many more borrowers to qualify. If you were turned down for HARP a few years ago, you really should inquire again now to take advantage of today’s rates.

Find a lender that can help

Not every lender offers HARP, but many do. If your existing mortgage company (the one listed on your monthly mortgage statement) can’t help you, find one that can. Use our searchable list of HARP lenders at KnowYourOptions.com/HARP to find one in your area — any participating HARP lender can refinance eligible loans.

Refinancing with HARP can offer real savings. Take action today to see how it can help you, too.

Now about that $82 …

*among borrowers refinancing into comparable loans

Related:

• Florida Family Saves Big With HARP


• 7 Common HARP Questions Answered


• How to Find a HARP Lender

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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About the author:

Robert Koller is a director in Fannie Mae’s Credit Risk Management division and is responsible for managing Fannie Mae’s Refi Plus™ Initiative, which includes the Home Affordable Refinance Program (HARP). Fannie Mae has helped almost 1.7 million homeowners take advantage of HARP since the program’s inception.

This website contains news and information created and maintained by a private organization. FHFA is not responsible for controlling or guaranteeing the accuracy or completeness of this outside information. Further, the inclusion of any advertisements or other links does not reflect their importance, nor is it intended to endorse any products or services offered.

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