Fannie Mae announced Tuesday that it recently reached a milestone in its mortgage relief efforts.
The government-sponsored enterprise said Tuesday that it has now helped more than 2 million American households save money, reduce their interest rates, move into more stable loans or shorten their loan terms by refinancing their mortgages under the government’s Home Affordable Refinance Program.
According to Fannie Mae, those households have been able to save an average of nearly $200 a month since the program’s inception in 2009.
While Fannie Mae said that it is proud to reach this milestone, it is also reminding borrowers that the HARP program is set to end this year, and urging eligible borrowers to take advantage of the HARP program while they still can.
“We have worked to help as many homeowners as possible,” said Andrew Bon Salle, executive vice president, single-family business, Fannie Mae.
“HARP gives homeowners an opportunity to refinance their home even if the value of the property has declined significantly,” Bon Salle said.
“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.”
According to Fannie Mae, there are still “tens of thousands” of households that could still be eligible to refinance under HARP.
Bob Walters, chief economist at Quicken Loans, echoed Bon Salle’s views on HARP.
“For those considering home refinancing, a HARP loan is an absolute home run option,” Walters said.
“Even if you’ve previously applied and been turned down, it’s worth exploring again as the program and eligibility guidelines have evolved over the years,” Walters said.
“The time to act is now, especially while rates remain low,” Walters concluded. “Every day we’re working with homeowners to lower monthly payments, in turn helping them save money and improve their finances.”