Ask The Get Out of Debt Experts Mortgage Mortgage Modification

Should I Apply for a HARP Mortgage Loan?

Written by Steve Rhode

Question:

Dear Steve,

I’m recently retired and looking for ways to reduce my debt. My credit status is very good.

I have a standard mortgage with Chase and am paying 3.5% interest. I’ve heard much about the HARP loan and am curious about your thoughts on applying for the HARP loan.

Connie

Answer:

Dear Connie,

You have an awesome interest rate and I’m not quite sure how a HARP loan would benefit you. The HARP program is designed for people who have little equity, or owe more than their home is worth and their loans are owned by Fannie Mae or Freddie Mac.

I’m not sure that sounds like your situation from the limited information you gave me.

For more on the HARP program, click here.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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