More than 13,000 borrowers refinanced through the Home Affordable Refinance Program (HARP) in the fourth quarter of 2016, totaling 750,769 refinances, the Federal Housing Finance Agency (FHFA) recently reported. Refinances in December fell as mortgage rates rose. Over 2.8 million refinances were on mortgages for primary residences, while 27 percent were for 15- and 20-year mortgages.
Roughly 200,000 borrowers have the potential to save with a HARP refinance, according to the FHFA. HARP expires Sept. 30, 2017. Savings, on average, equal $2,400 a year.
Eligibility requirements include having a loan balance of $50,000 or more, a loan term of 10 years or more, and a mortgage interest rate 1.5 percent or more higher than current market rates. California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Ohio, Pennsylvania and Puerto Rico house the majority of qualified borrowers.
View a map of eligible borrowers by state, metropolitan area, county and zip code here.
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