Home Affordable Refinance Program
Okay kiddo, let me explain the Home Affordable Refinance Program (HARP) to you in a way you can understand.
HARP is a special program that helps people who have a home mortgage, but have been struggling to keep up with their payments. This program is run by the federal government to help homeowners who owe more on their mortgage than what their home is currently worth.
Here's how it works: Let's say your family took out a loan to buy your house a few years ago, but now the value of your house has gone down. You still owe a lot more money on your mortgage than your house is currently worth. This can be a big problem, because you might not be able to refinance your mortgage or sell your house without losing a lot of money.
But with HARP, you may be able to refinance your mortgage and get a better interest rate, even if you owe more than your home's value. This means you could lower your monthly payments and save money in the long run.
To qualify for this program, you need to have a good payment history on your mortgage and your loan must be owned by Fannie Mae or Freddie Mac (these are big companies that help people buy homes). You also need to have taken out your loan before May 31, 2009.
So basically, HARP helps your family if you are having a hard time making your house payments because you owe more than what your house is worth, and can help you refinance your mortgage to make things easier.
HARP is a special program that helps people who have a home mortgage, but have been struggling to keep up with their payments. This program is run by the federal government to help homeowners who owe more on their mortgage than what their home is currently worth.
Here's how it works: Let's say your family took out a loan to buy your house a few years ago, but now the value of your house has gone down. You still owe a lot more money on your mortgage than your house is currently worth. This can be a big problem, because you might not be able to refinance your mortgage or sell your house without losing a lot of money.
But with HARP, you may be able to refinance your mortgage and get a better interest rate, even if you owe more than your home's value. This means you could lower your monthly payments and save money in the long run.
To qualify for this program, you need to have a good payment history on your mortgage and your loan must be owned by Fannie Mae or Freddie Mac (these are big companies that help people buy homes). You also need to have taken out your loan before May 31, 2009.
So basically, HARP helps your family if you are having a hard time making your house payments because you owe more than what your house is worth, and can help you refinance your mortgage to make things easier.