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Start Saving Today With HARP

Could you use an extra $220 per month?

Homeowners who have refinanced their mortgage through the government’s Home Affordable Refinance Program (HARP) are saving an average $220 every month on their mortgage payments*.

Some save even more. Joe and Tawanna, homeowners in suburban Atlanta, GA, saved $325 a month by refinancing with HARP. It's a savings the family of four relishes: "With our active family every little bit helps. Saving over $300 a month is incredible," Joe says.

HARP Basics

HARP is the government's program that allows eligible homeowners whose homes have lost value to refinance, even if they owe more than their home is worth. It is available to qualified borrowers with mortgages owned by Fannie Mae or Freddie Mac. If you are current on your mortgage, you should find out if HARP can help you save money too.

Information on this website and at can dispel any misconceptions you may have about the program. For example, did you know that with a HARP refinance you don't have to refinance into another 30-year loan? Fifteen and 20-year loan terms are available, which could help you pay off your loan faster.

And don't be discouraged if you've been turned down in the past. "HARP's requirements have changed since the program was initially introduced in 2009, and you may now qualify," explains Robert Koller a director in Fannie Mae's Credit Risk Management division.

That was the case with Joe and Tawanna. They'd been turned down in 2012, but reached out again in 2013, and this time they were approved. The application process was handled over the phone, and their loan closed in just weeks.

HARP loans also offer the advantage of lower closing costs. Notes Koller: "You generally won't need to bring additional money to the table if your mortgage amount is higher than the value of your home."

Now about that $220….

Interested? Your existing mortgage company (the company where you send your monthly mortgage payments) should be able to provide you with information about HARP and determine your eligibility. If they are not a HARP lender you can use our searchable list of HARP lenders to contact a participating lender near you.

Refinancing with HARP could offer your family real savings. "I tell everyone I know about HARP. It's a great program and really helped our family. It doesn't take long to find out if you qualify, just make the call," advises Joe.

*among borrowers refinancing into comparable loans

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