What Is The Harp Interest Rate

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Mortgage Interest Rates for HARP? What is HARP? Learn more about the HARP program details, requirements, guidelines, and qualifications. The Home affordable refinance program, or HARP, was a federal government initiative introduced in 2009 after the housing crisis to help struggling homeowners.

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HARP is a federal mortgage refinancing program that provides relief to homeowners who are struggling to pay their mortgage due to unexpected financial hardships. With HARP, you have the ability to refinance your loan at a lower interest rate to allow more flexibility in your monthly budget.

While the HARP program has evolved over the years to allow more borrowers to qualify, there are still several reasons why you wouldn't qualify for HARP, including What if I am NOT underwater on my mortgage but just need to lower my high interest rate (currently 6.75%). Can I still get a HARP loan?

There is no automatic HARP add-on required by Freddie Mac, nor a limit on how much higher an interest rate a lender can charge for a HARP loan compared to a conventional loan Rates fluctuate; even on the same day a lenders rates can change. The best way to find a good rate is to shop around.

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.

What Is HARP? This government program is designed to help underwater homeowners refinance their homes and lower their monthly mortgage payment by lowering their interest rate in many instances. The average homeowner will save $179 per month and pay less over the life of the loan, according to…

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