THIS IS AN ADVERTORIAL NOT AN ACTUAL NEWS ARTICLE, OR CONSUMER PROTECTION UPDATE

Information from our page was taken from http://www.freddiemac.com/finance/pdf/RefiReport2013Q4.pdf and other online websites.

Average savings of $4,264 per year ($355 per month) from http://www.freddiemac.com/finance/pdf/RefiReport2013Q3.pdf

HARP Program Deadline. The end date to get a HARP refinance is December 31, 2018 from https://harp.gov/About

HARP was designed and launched in 2009 to help Americans participate in mortgage savings regardless of the homeowner’s equity position. Homeowners who experienced a loss in property value during the housing crisis are not precluded from participating in the program. Ask your HARP program specialist if you are eligible for the program.

A HARP program specialist is a mortgage professional trained in the program guidelines who can help eligible borrowers refinance to a lower interest rate through HARP. Each homeowner who participates in the HARP program is eligible for a new mortgage with no mortgage insurance regardless of loan-to-value. Savings varies depending on the borrower’s original interest rate and is based off current market interest rates for the HARP program.

This is not an offer for an interest rate. Consult with your HARP lender for current HARP interest rates. Analysts put annual HARP savings for borrowers anywhere from $1,200 to as much as $6,000. One Zillow study estimated an average HARP borrower to save $358/month or $4,296 annually. The program was designed by FHFA, who acts as a conservator of Fannie Mae and Freddie Mac. Reference: https://www.zillow.com/blog/how-harp-can-put-money-in-your-pocket-138819/

Average monthly savings from http://www.freddiemac.com/finance/pdf/RefiReport2013Q3.pdf

State of the Union transcript - http://www.whitehouse.gov/the-press-office/2012/01/24/remarks-president-state-union-address. Further information for this can be found at http://www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html

Under provisions of the Making Homes Affordable Act(a.k.a. HARP 2.0), signed into law by President Obama, Fannie Mae has removed certain loan refinance requirements for qualifying loans including the Loan-To-Value (LTV) ceiling for fixed-rate mortgage, property appraisal, minimum credit score & credit check, and eliminated & lowered certain fees for borrowers making it easier to refinance into a lower rate mortgage, effectively reducing the amount of interest paid (and owed) over the life of the loan. More info: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Fannie-Mae-and-Freddie-Mac-Announce-HARP-Changesto-Reach-More-Borrowers.aspx

A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. More information can be found at http://harpprogram.org/faq.php The Making Home Affordable Program is set to expire December of 2018 and is free http://www.makinghomeaffordable.gov/about-mha/Pages/default.aspx but standard refinance fees will still apply. http://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h

On a $200,000 loan, a homeowner in a 30 year fixed at 6.25% would end up paying the bank $443,316. That same homeowner, if they switched to a 15 year fixed at today's rate of 3.58% APR would own their home for only $250,779