Other than “what’s the meaning of life?” the other big question we all ask ourselves is “how can we reduce our mortgage payments?” The answer to this question is “HARP,” or in other words: Home Affordable Refinance Program, which is a low-profile government plan that allows homeowners to refinance their mortgages and save an average of $3,000 per year, which comes out to around $250 per month.
HARP is not like HAMP, which is aid for homeowners that are nearing foreclosure.
HARP was specially designed to aid the middle class. If your mortgage is $625,000 or less you are more likely to qualify for the program.
Better still, if you qualify, not only will you save every month, but you could also end up shortening the term of your mortgage.
If you are considering taking advantage of HARP, act soon! Starting December 31, 2015 the program will no longer be offered. However, once you apply and are approved, you experience the benefits for the life of your mortgage.
For More Information on HARP visit www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx