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How Does HARP Work and Do I Qualify for HARP in Michigan?

HARP is designed to allow responsible homeowners to take advantage of lower mortgage rates and payments, even if you owe as much or more on your home than it’s currently worth. When you refinance with a government-backed HARP loan there’s no smarter way to start saving on your mortgage.

With HARP, you could save money as you meet your financial objectives. You can lower your monthly payment and realize long-term savings. In fact, according to Fannie Mae, HARP clients save an average of $250 a month! That’s money you can put toward the things you really care about – such as your family. Or use it to pay off your home faster. It’s your money and your choice.

HARP allows you to pick a term that’s perfect for your unique needs. Choose from our lowest available rates with a 5-, 7- or 10-year adjustable rate mortgage (ARM), or opt for any fixed-rate term from 8 to 30 years.

Even if you’ve been unable to refinance in the past or have a low credit score, you still may be able to save with HARP – and with minimal paperwork or verifications. Closing costs are often lower than you’d expect, and you can even pay off your mortgage at any time – without prepayment penalties. You may not even need an appraisal or new PMI! How much easier can it get?

What are the Qualification Requirements for a HARP Loan?

1. Current mortgage must be owned by Freddie Mac or Fannie Mae.

2. Loan must have closed on or before May 31, 2009.

3. No late mortgage payments made in the previous 12 months.