The Obama administration launched the Home Affordable Refinance Program, also known as HARP. This program is designed to aid homeowners currently owning a mortgage where the home has a market value lower than what is owed. The HARP program provides the opportunity for those that qualify to refinance their mortgage to a fixed rate as low as 4%, or reduce their term by 10 or 15 years and still have the same payment or lower.Lenders can turn to HARP if the borrower's current mortgage is owned by either Fannie Mae or Freddie Mac. Call us today to see if your loan qualifies.