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Refinancing your home is within reach:

With HARP, you can take advantage of low interest rates and other refinancing benefits, even if the value of your home has declined and you owe more than your home is worth. The questions and answers below will help you better understand how this program works.

What is HARP?
HARP stands for the Home Affordable Refinance Program and is designed to provide homeowners who have shown a commitment to paying their mortgage an opportunity to obtain a new loan with more favorable terms. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product.

What does it mean to "refinance" my mortgage?
When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.

If I owe more than my home is worth, will I have to make a down payment before I can refinance?
No. You do not need to pay more money down on your mortgage in order to refinance with HARP.

What if I have an adjustable-rate mortgage (ARM)?
HARP allows you to replace your adjustable-rate mortgage to a more stable fixed-rate mortgage. Refinancing may provide you with a lower monthly payment and allow you to avoid the sometimes large payment increase that comes once your ARM's initial rate ends as the rate may increase over time. The stability of a fixed monthly payment will give you security in knowing what your principal and interest payment will be every month.

Do I have to refinance for another 30 years?
No. Shorter terms (15 years and 20 years) may be available so you can start paying down your mortgage more quickly and build equity faster.

How can I take advantage of HARP refinancing opportunities?
We’re here to help you every step of the way and will guide you through the entire process. Simply contact a BCU Mortgage Specialist today at 800-388-7000 ext. 8172 or visit your nearest Service Center to discuss your options.