What are the possible disadvantages of the HARP program?

None that I'm aware of. If you have specific concerns or would like free advice please feel free to call us, we love what we do! 800-991-5309 ask for Michelle

Hi Joe. You can only use this program one time so if rates drop, you won't be able to use the HARP program again. The only option of cash out is limited to some of the closing costs. Outside of that there are a ton of benefits if you and your mortgage qualify. I would gladly provide you with a zero cost, no obligation analysis at your leisure. My name is Scott Singer and my firm is Millenium Home Mortgage. We are a direct lender in NJ for over 16 years. Call anytime, 908-303-1367.

The only real disadvantage, which is the same as any other refinance, is when you refinance to a LONGER term than you have today. If you save $200 a month for example, that is pretty cool... but not if you had for example ONLY 24-years left and you go back to a 30-year loan.