A few years back the Obama Administration backed the Home Affordable Refinance Program that was created to provide refinancing to a specific group that was underwater on their mortgage. To qualify for the HARP refinance, you must have a first mortgage backed by Fannie Mae or Freddie Mac. You also have to be current on your home loan with no recent late payments. This mortgage aid program is exclusively for refinancing a mortgage held in first position. HARP refinance loans enable underwater homeowners to get refinancing up to 125% loan to value. You cannot refinance a 2nd mortgage or a home equity line of credit. This is a unique opportunity for people that are strapped with an underwater mortgage so act now because this HARP program won't last forever. There has been some breaking news as the Obama Administration expanded the HARP mortgage by enabling homeowners to refinance without any loan to value restrictions at all.
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Refinancing Calculator
Analyze the benefits of refinancing without equity. Calculate the monthly savings when you compare your current loan with the proposed payment that offers a reduced interest rate.