how does harp refinance work

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A HARP loan is short-hand for the Home affordable refinance program that was created after the 2008 mortgage crisis by the Federal Housing Finance Agency (FHFA). The goal of HARP loans is to help homeowners who have little to no equity in their homes to refinance their mortgage.

Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage.

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Do I Need To Re-Fi My 30 Year Mortgage? HARP doesn’t decrease the amount of money you owe – it refinances the loan to reduce the interest rate and lower the payment. To get out from being underwater on your home faster, you can refinance.

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If you have high interest debt such as credit cards, it may make sense to use a cash-out refinance to pay off this debt (do the math to make sure the all-in costs, including the closing costs for the cash-out refi, work out), because the interest you pay for your credit card likely far exceeds the interest on your new mortgage loan.

Want to Refinance Your Mortgage But You're Being Turned Down? The federal program HARP might be able to help you. Here's how it works. Is your mortgage.

If you qualify for a HARP refinance, you can work with your current lender to refinance. Working with your current lender is the fastest and easiest option for a HARP refinance. However, you may get a better rate if you compare rates from at least three different lenders.

Remember, after March 2012 you can work with new lenders. If your lender approved your HARP loan, through the DU Refi Plus Loan or the LP Relief Refinance Mortgage, then it does not have to provide.

How does harp loan work – Best Mortgage Refinance Rates – How does HARP loan work ?. you wont get approved.. HARP program is a fully qualifying refinance program.. HAMP is the program for modifying.. so work on becoming current on your mortgage payments and expect to take advantage of the program a year after that is you are not able to find any.

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