EUGENE, Ore. – With the Home Affordable Refinance Program (HARP) expiring this year, some are wondering if it’s a good option to refinance their homes.
KEZI 9 News spoke with Oregon Pacific Bank President and CEO Ron Green to learn more.
What is HARP and does it make sense for me?
HARP was a government lending program started by the federal government during the recession. Many lost 30 or 40 percent of their home values, preventing them from doing a traditional refinance when interest rates declined. A lower interest rate means lower payment.
The HARP program exists right now, and the question is very timely, Ron Green said. It’s set to expire Dec. 31, so Green recommended checking into it.
The good thing is that in the last several years, the economy and property values have recovered nicely. You might not need the HARP program any longer.
But Green said to ask your favorite mortgage lender or broker in town about whether you should look at the HARP or traditional refinance. Green said they’ll set you straight and help you out.
If you have a banking or finance question for Ron Green, click here.