Mel Watt, the FHFA Director, announced that the Home Affordable Refinance Program (HARP) will get a final extension through the end of 2016. This is a great opportunity for home owners as it was previously set to expire at the end of 2015. This gives those who were planning to refinance their home a little more time to do so before the deadline.
If you don’t know, the purpose of HARP is to allow borrowers who are current on their mortgage payments to refinance to a better interest rate. This is provided even if the equity in their property has declined. A large number of borrowers found themselves unable to take advantage of the extremely low mortgage rates simply because they no longer had sufficient equity, and in some cases none at all in their property.
According to Mel Watts, an additional 800,000 nationwide will be able to benefit from the HARP refinance option.
If you’re looking at refinancing your home, please contact our mortgage offices in Joplin, MO to see if you are eligible for a HARP refinance. Our team will work with you to provide the best solution possible for you and your finances. Contact us today!