HARP 3.0 : Four Important Changes The #MyRefi Program May Include

The Home Affordable Refinance Program (HARP) was first launched in 2009 as an economic stimulus program; a way to boost consumer spending.

At the time, mortgage rates were falling to new lows, but at the same time, home values were in retreat. Falling home values pushed a plethora of U.S. homeowners over the 80% loan-to-value threshold which meant that refinancing was impossible without either (1) reducing the loan balance back to 80 percent of the home's appraised value, or (2) paying private mortgage insurance (PMI).

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