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Want to explore your options?

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With Rocket Mortgage® by Quicken Loans, our faster, simpler and totally online way to get a mortgage, you can find out which loan option is right for you.

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What was HARP?

The Home Affordable Refinance Program (HARP) was a government program that officially ended on December 31, 2018.

HARP was created to help homeowners refinance a mortgage with a balance that was higher than their home’s market value, often called an underwater mortgage. HARP helped millions get into a more affordable home loan after the housing market crashed in the late 2000s.

Two government-sponsored enterprises, Fannie Mae and Freddie Mac, will be rolling out new programs to offer similar benefits for homeowners.

Call (800) 251-9080 to get in touch with a Home Loan Expert to see what you qualify for.

What else you can do if you’re underwater

If you owe more than the market value on your home, there are more options to consider.

  • Talk to your lender about restructuring your loan. That just means you and your lender agree to lower or delay your payments on your existing mortgage. Be sure to ask what fees apply.
  • Consider a short sale. This would allow you to sell your home at its current market value and have your loan balance forgiven by your lender. The positives are that you’ll avoid a foreclosure and potential big hit on your credit score. Keep in mind that you won’t earn a profit off the sale of your home and it’s up to your lender to decide if you’re eligible.
  • Try to increase your monthly payments to pay down your principal. This will help to reduce your loan balance so that it’s lower than the value of your home. There are no fees involved in this option.

Client will receive 0.5 discount points off current pricing. One point is equal to 1% of the loan amount. This offer is available for refinance and purchase loans. This offer is only available to clients who lock their interest rate while completing the application process before 11:59 p.m. ET on December 10, 2019. Offer valid only on 30-year conventional fixed rate loans. Offer valid on loan amounts of $100,000 or higher. Offer does not apply to loans submitted to Quicken Loans through a mortgage broker, Charles Schwab loans or team member loans. Offer is nontransferable. This offer cannot be retroactively applied to previously closed loans or loans already in process. Quicken Loans reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole direction of Quicken Loans. This is not a commitment to lend. Additional restrictions/conditions may apply.