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BOK Financial Mortgage Group announces it is now accepting applications for the recently extended Home Affordable Refinance Program (HARP) offered through the Federal Housing Finance Agency (FHFA) with Freddie Mac and Fannie Mae. The program is designed to help borrowers, including those who owe more than their home’s value, to take advantage of low interest rates and other refinancing benefits. The program applies to homeowners who currently have a Freddie Mac or Fannie Mae mortgage and who meet certain other eligibility criteria.
“Launching this program means BOK Financial Mortgage Group is going to help more homeowners stay in their homes, and that’s good for families, communities and our entire economy,” said Ben Cowen, president of BOK Financial Mortgage Group. “HARP now allows even more people to refinance their homes and take advantage of historically low interest rates, despite the fact that their home value has declined.”
Cowen said many homeowners, who owe more on their mortgage than their house is worth, will benefit from HARP because it’s the only program available that allows them to refinance. Now these homeowners can refinance regardless of their home’s value, Cowen said.
“When homeowners are able to refinance, not only do they lower their monthly mortgage payments, but also they can reduce the total amount they owe on their home since they won’t pay as much in interest over the long term,” Cowen said. “This could mean significant improvements in a family’s financial outlook, and I’m proud we’ll be able to offer that to our customers.”
The FHFA first introduced the HARP program in 2009. These latest changes, deemed HARP II, go into effect Dec. 1, 2011.
HARP rules dictate that BOK Financial Mortgage Group, along with all other mortgage lenders, can only refinance existing customers through this program, until March 2012. After that time, any homeowner interested in refinancing can apply with any lender.