Underwater on your mortgage and still haven’t refinanced? Here are some lender tips on refinancing through HARP, a government-backed program to help underwater homeowners lower their monthly payments or lock down a low, fixed-rate mortgage.
Don’t assume you won’t qualify
Do you owe way more on your home than it’s worth? You can still refinance through HARP (the Home Affordable Refinance Program) no matter how underwater you are.
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blogs.wsj.com - Rising home prices have helped lift more Americans out from being underwater—that is, owing more on their mortgage than their home is worth. But trying to quantify just how many borrowers are moving back above water is producing a wide range of estimates.
Zillow said in a new report Thursday that around 2 million homeowners moved back above water last year. The online real-estate company estimated that 13.8 million borrowers were underwater at the end of the year, down from 15.7 million a year earlier, a decline of around 12%. U.S. home prices rose by 5.9% last year, though bigger price gains in some of the hardest hit housing markets had an outsized impact on returning borrowers in those regions to positive equity.