These programs are commonly referred to the Fannie Mae DU Refi Plus and Freddie Mac Open Access. These programs were designed for borrowers that have not been able to refinance as a result of lower home prices. If your house has declined in value and you haven’t missed a mortgage payment, a Home Affordable Refinance Program, or HARP, might be a good option for you. HARP enables you to get a new, more affordable and more stable mortgage.
Advantages of a HARP Loans
- Lowering your monthly payment
- Reducing your interest rate
- Securing a fixed-rate mortgage that won’t change over time
- Building equity faster—shorter term options may be available
- Lower closing costs because an appraisal is not usually required