Obama Gives Homeowners A Parting Gift. Trump’s Actions Are Unclear
A gift that keeps on giving...$241 per month.
Spoiler alert: we’re about to tell you what the Obama Administration got you as a going away present. Ready? $241 per month, cash. Okay, okay. It may not be that simple, but if you’re a homeowner with a mortgage of $625,000 or less, and you haven’t missed a payment in the last six months, Obama’s mortgage refinance program (called HARP) could save you thousands. But don’t dilly-dally; President-Elect Trump has been in repeal mode lately, and could scrap the program at any moment.
Trump could take the gift back at any moment.
In March of 2009, the US Government introduced a program designed to help responsible homeowners refinance their mortgages to lock in lower interest rates. The program, called the Home Affordable Refinance Program (HARP), has benefited millions of homeowners with savings of up to $3,500 per year. What’s the catch? The program could be repealed by the incoming President. Trump has already made headlines by announcing he’ll repeal Obamacare in his first days as President. HARP could easily be next. But homeowners who get approval now will lock in lower interest rates for the remainder of their mortgages. The average HARP participant has shaved $241 from their monthly mortgage payment.
$241 is a lot more than you think.
$241 in monthly savings may not sound like much compared to your overall mortgage amount, but think of it this way:
- The monthly payment on a new car
- $8.03 extra for lunch or coffee everyday
- A $2,892 annual holiday vacation
- Or $43,380 saved for college in 15 years
If you qualify, now is the time to act.
HARP isn’t available to everyone. The program is specifically designed for homeowners with mortgages of $625,000 or less, who haven’t missed a payment in the past six months. If you meet the government’s qualifications, your first step is to choose a lender. But be sure to shop around, as different lenders may have different rates. Compare all of them in one place through a service like LendingTree. LendingTree has one of the largest networks of lenders in the country, including HARP lenders. In just three minutes, LendingTree users are shown multiple quotes, all delivered for free and without obligation to move forward. Then if Trump cancels Obama’s gift, you’ll be unaffected.
Apply today before it’s too late.
1. Select your state by clicking on the map below.
2. Answer a few questions to receive competitive quotes from multiple lenders through the LendingTree platform.Payment Estimate Calculator