What would you do if you had an extra $200-$500 or more in your pocket every month? Would it make a difference in your life? Would it transform your financial future? We think most people would say “yes,” and then ask, “But where am I going to get that kind of money?”

Have you heard of the Home Affordable Refinance Program (HARP)? HARP is a government program that came into existence when the real estate market spiraled out of control, leaving many homeowners paying for homes that no longer held the value they once did. HARP is designed to help the “underwater” homeowner – homeowners who are not behind on their mortgage payments but are unable to obtain traditional refinancing, because the value of the home has dropped below what is owed.

But why would a credit blog primarily focused on helping consumers better manage credit cards be talking about HARP?

If you have a mortgage on your home and you are paying more than 3-4 percent APR, you may be throwing money away that you could be using to pay off high-interest credit cards and to get out of debt. Refinancing your home may be the best option, not just to save you money and keep you in your home, but to transform your overall financial condition.

Home mortgage rates have remained low. So if you obtained your loan before the real estate bubble burst, it’s likely that you are paying too much interest on your home loan. If you are current on your payments but have not been able to refinance, to take advantage of the lower interest rates, HARP may be the solution you need.

Recently, there have been changes made to HARP to make it more accessible and more streamlined. There is hope that even more people will now be able to take advantage of the opportunity to refinance at a lower rate, saving $200-$500 or more per month on their monthly house payment.

Even if you have already refinanced, you may want to consider refinancing again if the rates have dropped since that time. The money you save on your house payment by refinancing, whether through HARP or through a more traditional means of refinancing, can often be enough to help you redouble your efforts to pay off credit card debt and change your financial future.

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