ATTENTION HOMEOWNERS! Its official now. The FINAL extension for one of the largest Government Mortgage Reduction Programs 4 years running is set to expire.
Even now, many home owners are STILL unaware of the Home Affordable Refinance Plan (HARP) created by the Obama administration to significantly help millions of Americans reduce their mortgage. With potential annual savings upwards of
of $1000s per year, its a small wonder why banks aren’t rushing to inform their mortgage customers and even more baffling that every homeowner hasn’t utilized this program already.
Either way, just beware that countdown has already started. The official end date is set for:
There has been four extensions and unlikely to be a fifth with the current Administration. That gives homeowners who have not taken advantage of this program about a year before its gone for good. Don’t wait until last minute however, a refinance can take several months.
The silver lining in all of this is that once you’re in, YOU’RE IN. That means you will be grandfathered into the program and won’t be subject to future federal policy changes regarding your mortgage.
So while your Mortgage lenders are counting the days until this program ends, the Government is making one final push to urge homeowners to LITERALLY cash in. HARP can help you lower your current payments, payoff your mortgage faster, and/or give you access to your equity if you want to make improvements to your home.