Home Affordable Refinance Program (HARP)
Declining home values are a reality for many homeowners, and it can be difficult to obtain a traditional refinance when you owe more on your home than it’s worth. Fortunately, there are options to pursue refinancing with the help of the government-sponsored Home Affordable Refinance Program (HARP). HARP is designed to help you save on your mortgage payments and improve your overall financial health.
You may qualify for HARP if:
- Your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae
- You are up to date on your mortgage payments
- You have demonstrated an acceptable payment history for your mortgage
- You apply for refinancing on or before September 20, 2017
Benefits of HARP:
- The HARP program could help you move into a more stable loan program - switching from an adjustable-rate mortgage to a fixed-rate mortgage - for long-term security
- You might be able to secure a lower, fixed interest rate
- It could reduce your monthly mortgage payment
- It can improve your financial situation
- You may be able to roll the refinancing closing costs into your new loan and likely don't need to bring cash to closing
- HARP loans often don't require an appraisal
If you want more information on HARP or need to determine if you are eligible to participate in the HARP program, contact a SunTrust Mortgage loan officer, or call 800.330.4684.