HARP Refinance : Saving Homeowners $5 Billion In Real U.S. Dollars

HARP Refinance Program : $5 Billion Saved In 2012

The government’s revamped Housing Affordable Refinance Program (HARP) does more than just help underwater homeowners. It helps the banks that make HARP loans, too.

A recent Wall Street analysis pegged the value of the HARP refinance program at more than $12 billion for mortgage lenders and HARP loan servicers in 2012 alone. By contrast, the value of HARP to U.S. homeowners is estimated at less than $5 billion.

This doesn’t mean the banks get more from HARP than consumers, but with 75% of borrowers refinancing HARP via their current mortgage lenders, it’s easy to see why some critics of the program call HARP a “captive program”.

Few homeowners even know that the can use the HARP refinance program with any participating lender — not just their current one. By “shopping around”, HARP borrowers can get lower mortgage rates and bigger mortgage savings.

 

http://themortgagereports.com/10124/harp-refinance-saving-homeowners-5-billion-in-real-u-s-dollars

About

Realtor with Greg Garrett Realty, actively licensed in the state of Virginia

Tagged with: , , , , , , , ,
Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: