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HARP Mortgage Calculator HARP Mortgage Calculator – The HARP program is a wonderful gift to those affected by the real estate and mortgage slump over the past several years. The Obama administration guessed that millions of homeowners were underwater with their mortgages in light of the depreciating property values.
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For some homeowners, the situation has led to foreclosure. Others, however, have stayed current on their mortgage payments, and those are the people HARP is intended to help. You may be eligible for.
With the real estate market picking up and mortgage rates prime for refinancing. The first, the home affordable refinance Program (HARP), is available to homeowners who have a loan backed by Fannie. The HARP loan is designed to assist homeowners who owe more than or close to the amount their home is worth.
HARP mortgage interest rates are as low or lower than standard conventional refinance rates that require 20% equity. This fact is why HARP has been such a benefit in today’s refinance market. Homeowners with no equity or even negative equity in their homes can get the same rate as someone with a lot of equity.
How HARP can help. You must be current on your mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past 12 months. You must owe more than 80% of what your house is worth. So if your home is currently valued at $200,000, you must owe more than $160,000 on your mortgage.
Learn everything you need to know about how you can take advantage of the Home Affordable Refinance Program (HARP) to refinance your underwater.
The Home Affordable Refinance Program (HARP) is a federal refinance program targeting underwater homeowners. First announced in March 2009, HARP is designed for homeowners who are current on their mortgage payments, but who haven’t been able to refinance because they have limited equity, no equity or negative equity in their homes.