Last but not the least is the Home Affordable Refinance Program (HARP) which allows borrowers to refinance their home even if they are current on their mortgage and/or underwater due to falling property values. This limited time program is offered through the Federal government in order to help homeowners save on their monthly mortgage without the need of an appraisal. The advantages are clear:
- Fixed rate mortgage options that are available with 10 to 30 year terms.
- Adjustable rate mortgages (ARMs) available.
- No minimum credit scores.