What is a HARP mortgage?

A HARP mortgage is a type of mortgage loan available in the state of Virginia. It stands for Home Affordable Refinance Program, and it is designed to help home owners with a high loan-to-value ratio to take advantage of lower interest rates. This type of loan can be used to refinance an existing mortgage loan, as well as to lower monthly payments, or to consolidate debt. In order to qualify for a HARP mortgage, the loan must be a conforming loan owned by Fannie Mae or Freddie Mac and must have been taken out on or before May 31, 2009. Homeowners must also not have missed any mortgage payments in the last 12 months before applying for the loan. Once approved for a HARP loan, the home owner will have access to reduced interest rates, lower fees, and an improved repayment period. This will help them save money on their monthly mortgage payments, and can result in significant savings over the life of the loan. Overall, HARP loans are an excellent option for those who are unable to refinance their high-interest mortgages through traditional lenders, and who wish to save money and take advantage of the current lower interest rates.

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What is a HARP mortgage?

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