Act Now To Refinance Your Home Before Rates Rise
While the federal government contemplates increasing home-financing rates, the Fed has stated that it will likely raise rates when unemployment falls below 6.5%, so now is the time to refinance your home. There’s a program the government created a few years ago called the Home Affordable Refinance Program®, commonly referred to as HARP, which enables Americans to save big on refinancing when they otherwise could not due to a decline in their home’s value. It provides you the opportunity to refinance at surprisingly low rates, which could reduce your monthly payments. The average reduction was a savings of about 33% last year. On a $200,000 loan, that translates to an average savings of $4,100 in the first year. With the low rates, 39% of homeowners were actually able to shorten their loan terms as well.
Homeowners are becoming increasingly savvy, and many are surprised to learn how much they’re able to save on their mortgage while refinancing. The program started in March of 2009, but is set to expire at the end of December 2015, so it’s vital to act fast. We recommend using a lending-finder service like LendingTree, which has a proven track record of helping consumers save money by comparison shopping for lenders.
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A Stimulus Plan for American Homeowners
The program benefits the average American homeowners whose mortgage payments are current. The government wants lower rates to keep more Americans from foreclosing, which aids in the long-term economic recovery. The banks however, are less than pleased because HARP allows for 3 keys to keeping rates low:
You can shop around for multiple lenders, so you’re not limited by your current lender’s rates
Your home’s loan-to-value is less than 125%
Homeowners are not required to carry private mortgage insurance
Thus, refinancing has become increasingly less expensive, and you’re able to refinance your loan, no matter how much the value of your home has dropped or increased. Banks want to keep you at the higher rate, that’s one of the reasons why the program comes with an expiration date, and that’s why it’s so important to move quickly.
So how do you find these low rates?
To help you find low rates, loan comparison sites like, LendingTree’s free service can help you easily connect with lenders specifically matched to your needs. In a few minutes, you could get a side-by-side rate comparison from multiple lenders and find out what loan offers you may qualify for. The service works with lenders throughout the country to help you locate the best match for your specific needs.
The program is set to expire
at the end of December 2015,
so it’s vital to act fast.
When you consider that LendingTree’s service is free, there are no obligations, and it only takes minutes to complete, the decision seems pretty simple. They match you with up to five competing loan offers by filling out 1 simple form.
Have up to 5 lenders give you free offers in minutes.
They’re one of the country’s largest and most respected mortgage refinance comparison shopping websites, with HARP lenders in their network. They’re currently connecting homeowners like yourself with multiple lenders to find competitive mortgage rates.
With LendingTree there’s no obligation and their service is fast and easy. It takes about five minutes, and the service is 100% free. You have nothing to lose