Smart homeowners have been taking advantage of a program called the Home Affordable Refinance Plan or HARP. The program is set-up to reduce monthly payments by as much as $4,264 a year. This program of course has banks across the country shaking in their $400 alligator loafers.
The government just announced that the program will be expiring in 2015 and is actually pushing homeowners to take advantage quickly.
HARP was made for your average homeowner that owes less than $625,000 on their home. The chances of qualifying are extremely high with this program. The government wants the typical homeowner to take advantage of the rates because HARP acts as a true stimulus for the middle class. It will put more money in the homeowners’ pockets and boost the economy.
The bankers don’t want you to know about this because banks want to keep you at higher rates. That’s pretty obvious. The program makes it easy to qualify for lower rates and among multiple lenders, expanding people’s options beyond their current lender.