HARP, which was recently extended until December 31, 2018, is a government sponsored program that allows homeowners with mortgages that exceed the home’s value to take advantage of the lower interest rates in today’s market.
HARP refinance loans still require a loan application and underwriting process, and refinance fees apply, but the trade off of a lower rate and/or principal and interest payment have proven to be a win for millions of borrowers.
FHA Streamline Refinance
This refinance provides the possibility to get better FHA mortgage terms at a lower price with little documentation. This is also referred to as an FHA-to-FHA refinance.