Highlights of HARP:

• Reduce your interest rate
• Lower monthly payment
• Can secure a fixed-rate mortgage
• Potential to build equity faster/shorter term options available

What is HARP?

The Home Affordable Refinance Program (HARP) was set up by the Federal Housing Finance Agency in March of 2009. The program was designed to help those with little or negative equity in their homes refinance into more affordable mortgages without new or additional mortgage insurance. Additionally, in some instances an appraisal may not be required.

How HARP works:

Borrowers who are current on a mortgage that is owned by either Fannie Mae or Freddie Mac and have minimal equity in their homes may be suitable for HARP. Through HARP you may be eligible to get a lower interest rate (which potentially mean a lower monthly payment), get a shorter term or change from an adjustable rate mortgage to a fixed rate.

You will benefit from HARP if you:

• Are current on your mortgage and want to take advantage of a lower interest rate
• Have an eligible loan that’s owned by Fannie Mae or Freddie Mac