HARP Benefits Underwater Borrowers

Since HARP began in April 2009, more than 2.2 million homeowners have refinanced. In January 2013, there were roughly 97,600 HARP refinances, which shows that HARP continues to be a benefit to underwater borrowers. 25% of the loans refinanced through HARP had a loan-to-value ratio greater than 125%. Also, 18% of HARP refinances for underwater borrowers were for shorter-term mortgages such as 15 or 20 years, which would help build equity faster than a traditional 30-year mortgage.

This information comes from the FHFA's January 2013 Refinance Report which suggests a high refinance volume with nearly 470,000 refinances completed in January, including the HARP ones.

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