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.




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

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