Fannie Mae recently reached a milestone in its mortgage relief efforts as more than 2 million American households have now refinanced their mortgages under the government’s Home Affordable Refinance Program (HARP), reports HousingWire staffer Ben Lane.
HARP helps American households save money, reduce their interest rates, move into more stable loans, or shorten their loan terms by refinancing their mortgages. Since the program’s inception in 2009, participating households have been able to save an average of nearly $200 a month, according to Fannie Mae. The program is set to end this year.
“HARP gives homeowners an opportunity to refinance their home even if the value of the property has declined significantly,” said Andrew Bon Salle, executive vice president, single-family business, Fannie Mae
“This way they
can better manage their financial situations and continue to support their
families,” Bon Salle continued. “The 2 million-household milestone is one we’re
proud of at Fannie Mae, but our work is not done. Homeowners who have loans
from before 2009 and haven’t refinanced should contact a lender immediately to
determine their options.”