REFINANCE YOUR MORTGAGE
HARP Loan Options for Underwater Homeowners
If you owe more than your home is worth, traditional refinancing may feel out of reach. The Home Affordable Refinance Program was designed for homeowners in exactly this position. HARP lets you refinance even if your property's value has declined, removing the equity requirement that blocks conventional refinances. With lower rates and improved terms, you can reduce your monthly payment, shorten your loan term, or both. We work through the HARP qualification process with you to explore options that fit your financial situation.
HARP Program Details
HARP refinancing removes barriers for homeowners whose loan-to-value ratio exceeds traditional thresholds. Here are answers to common questions about eligibility and benefits.
Am I eligible for a HARP refinance?
You're potentially eligible if you own a single-family home financed by a mortgage that Fannie Mae or Freddie Mac purchased or guarantees, your loan was delivered before June 1, 2009, you're current on your payments, and you owe more than the home is currently worth. HARP removes the standard requirement that you have equity in your home. We can check your loan details to determine eligibility.
What credit score do I need for HARP refinancing?
HARP was designed to help homeowners who may have faced payment difficulties or credit challenges. Minimum credit score requirements are more flexible than conventional refinancing. Even if your credit isn't perfect, you may qualify. We review your complete financial profile rather than relying on credit score alone.
How much can my interest rate decrease with HARP?
The rate you receive depends on current market conditions, loan type, and your financial profile. Many HARP borrowers benefit from lower rates than their original mortgages, which reduces monthly payments. Some choose to refinance into shorter terms at competitive rates. We provide a detailed comparison of your current loan versus available options.
Calculate Your HARP Refinance
Use our calculator to explore how refinancing under HARP might affect your monthly payment. Enter your current loan details to see potential scenarios based on available rates and terms.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
HARP Benefits
The HARP program removes traditional barriers to help homeowners refinance when they're underwater on their mortgages.
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No Equity Requirement
Refinance without needing positive equity in your home. HARP allows loan-to-value ratios above 100 percent, opening refinancing to homeowners excluded by conventional programs.
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Streamlined Application
HARP refinancing involves reduced documentation and verification compared to full mortgage applications. The process moves faster because your existing loan history with Fannie Mae or Freddie Mac is already known.
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Lower Monthly Payments
By refinancing into current rates, many borrowers reduce their monthly mortgage payment. Some choose shorter terms instead, building equity faster while still potentially lowering their payment.
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