harp

noun 1. a musical instrument consisting of a triangular frameformed by a soundbox, a pillar,  and a curved neck, and having strings stretched between the soundbox and the neck that are plucked with the fingers. But we’re not talking about that kind of harp.  The Home Affordable Refinance Program (HARP) is a program established by the White House that allows for homeowners to refinance at today’s historically low interest rates even if they’re property is underwater (translation – they owe more than what the house is worth).  In theory, the thought is that if homeowners are able to spend less on their mortgage than they’ll spend more on other goods and services, thus stimulating the economy.  In reality, I suspect it’s more political than anything else, but that’s the political cynic in me. You have to be current on your mortgage for at least six consecutive months, and you have to have a Freddie Mac or Fannie Mae loan.  There are other restrictions (of course), but you can find out more at the Fannie Mae and Freddie Mac websites.  There’s some interesting discussion on Calculated Risk about the HARP program, as well – you can read that here and here. If you want to know how your New River Valley neighborhood is doing in regards to property values, check out this post – we can set you up on an automatic email that’ll help you keep track, SPAM-FREE! Photo credit.