After a seven-year run, the Home Affordable Refinance Program (HARP. through the second quarter, about 26% of HARP refinances for underwater borrowers were for shorter-term, 15- and 20-year.
How a 15- year fixed mortgage refinance works. 15-year mortgages work similarly to any other fixed rate loan with one important difference – they take less time to go away that a traditional 30-year fixed mortgage. The only common fixed-rate term with lower terms than the 15-year is a 10-year.
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· Last year Freddie Mac and Fannie Mae announced that their implementation of the Home Affordable Refinance Program (HARP) would continue through the end of 2018 and that both were developing a new.
A 15-year fixed-rate HARP has the added bonus of potentially saving you thousands in interest over the life of your loan. The trade-off comes in the form of slightly higher monthly payments than you would see with a 30 year option. Refinance at today’s lower rates.
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The HARP mortgage program was modified over the years and eventually enabled homeowners to refinance up to 125 percent of the value of their homes without primary mortgage insurance.
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The Federal Housing Finance Agency (FHFA) has released its December 2012 Refinance. than double the harp percentage nationwide. In December, 18 percent of HARP refinances for underwater borrowers.
To pay your mortgage off faster: You can often cut years off your loan and save tens of thousands of dollars in interest if you refinance your mortgage to a shorter term. For example, if you’ve got 20 years left on your mortgage, you might refinance into a 15-year fixed-rate mortgage and pay it off five years faster.
10-year fixed mortgage rates are a great solution for anyone who is looking to own their home outright, quickly and effectively. Refinancing to a shorten the length of a borrower’s current mortgage, or refinancing for lower interest rates, will inevitably save a borrower money, too.
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) until December 31. An estimated 36.5 million people one year.