There’s a little-known government program called the Home Affordable Refinance Plan (HARP), and it allows Americans to refinance their homes at incredibly low interest rates.
How low? In some cases, as low as 3.25%, which can reduce a household’s payments by as much as $4,905 a year.
This program is a huge benefit to middle class home owners — and if the banks have their way, you’ll never use it.
Why Big Banks Hate HARP
It all comes down to one simple word: money.
The government wants banks to cut your interest rates so that you have more money in your pocket. That’s money you’ll spend on other things — like home improvements, appliances, cars, your child’s education, or even a vacation — and that in turn helps the overall economy.
With this program you can:
- Shop several lenders, not just your current mortgage holder
- Have your home’s Loan-to-Value (LTV) be 80% to 125%
Plus, if your mortgage is $625,000 or less, you’ll likely qualify. That’s a lot of middle class families, and banks would rather keep you at the higher interest rate you financed years ago, rather than at these much lower rates.
Why You Should Act Now
Like most government programs, HARP is likely temporary. That means if you miss out, there’s no telling when another quality home mortgage program will come along.
That’s why consumers should act fast. If your mortgage rate is currently higher than 3.11% — and most people’s are — you can greatly benefit from HARP:
- $250 average monthly savings
- Possibly shorten the term of your loan
- Take cash equity out for home improvements, a vacation, or other family expenses
Savings on Home Refinance Loans — Both Long and Short Term
Check out the savings of reducing a 6.75% loan to 3.25%.
You could save almost $427 per month, and more than $150,000 over the life of your mortgage just by lowering your good rate from 6.75% to 3.25%.
That kind of savings — a lower mortgage payment, fewer years on your home loan, and even taking some cash equity out of the deal — is very appealing to middle class families. But you have to act now.
Finding Low Interest Rates
Finding these near-historic low refinance rates is easy, takes relatively little time, and it’s FREE if you know where to look.
RateMarketplace is a free website that connects consumers with the country’s top mortgage lenders, and helps you to choose the one that’s right for you.
We like RateMarketplace because it’s one of the country’s largest and most respected refinance comparison websites. It’s also one of the few companies with HARP lenders on its network, and is currently helping homeowners obtain further information regarding superb mortgage rates.
There’s no obligation when searching on RateMarketplace, the search takes about five minutes, and the service is 100% free. You have nothing to lose except money stress.
Act now before these rates go away.