Refinance program too good to pass up

The total number of mortgage refinances in the U.S. experienced a slight increase in June as mortgage rates dropped from May, according to the Federal Housing Finance Agency’s (FHFA) Second Quarter 2014 Refinance Report.Mortgage-Refinancing

Despite the increase in refinances, however, the FHFA reports that many borrowers are eligible to refinance through the government’s Home Affordable Refinance Program (HARP) but have not. HARP-refinanced homes made up only about 15.7 percent of total refinances in Q2.

You may qualify for HARP (Home Affordable Refinance Program) even if you:

  • Have little or no equity or owe more than your home is worth
  • Were turned down in the past
  • Have a low credit score or income
  • Don’t have money for closing costs

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