FHFA Director, Mel Watt, announced that the Home Affordable Refinance Program (HARP) will get a final extension through the end of 2016. It was previously set to expire at the end of 2015.
HARP allows borrowers who are current on their mortgage payments refinance to a better interest rate even if the equity in their property has declined or even if they are underwater. Many borrowers found themselves unable to take advantage of the historically low mortgage rates because they no linger had sufficient equity, or none at all in their property.
Mel Watt states that an additional 800,000 nationwide can benefit from HARP refinance - and more than 30,000 in the Chicago area alone.
Please contact me to see if you are eligible for a HARP refinance. I can be reached at BarkerLoans@gmail.com or 708.473.7688.
