The government’s Home Affordable Refinance Program (HARP) was set to end in September, but that’s no longer the case. The Federal Housing Finance Agency (FHFA) just announced that it is extending HARP through December 31, 2018.
Now that there are an additional 15 months for borrowers to fit into the program’s already extended lifespan, lenders should make a move to educate consumers on refinancing their home through HARP.
So what’s holding consumers back from this program? Just like many refinance products, some homeowners simply believe HARP might be too good to be true. Here are three of the biggest yet little-known HARP advantages:
- With HARP, the mortgage process can be faster. Borrowers can have a more streamlined refinance process because HARP requires less documentation, allowing for a faster transaction.
- Borrowers might be able to waive the appraisal with HARP. Borrower can save on cost and processing time without an appraiser, which further simplifies the HARP refinance process.
- HARP is not just for a borrower’s primary residence. Many consumers don’t realize that HARP-eligible homes can be the primary residence, a one-unit second home OR a one-to-four-unit investment property.
According to the FHFA, HARP continues to be one of the most successful crisis-era programs through which more than 3.4 million homeowners have refinanced their mortgages. The FHFA estimates that more than 143,000 homeowners could still benefit from refinancing through this program, making this a great opportunity for lenders to act now.
Best Rate Referrals has the tools you need to be maximize the HARP market. Contact us today and find out how you can begin using our new platform, Mortgage Advisor™, to find the HARP leads you need.