There has never been a better time to refinance than now. Home values are up which give Homeowners options – Cash-Out, Debt Reduction, Rate & Term and even Negative Equity programs are all available. The best Government program is a little-known government program called the Home Affordable Refinance Plan (HARP). This allows Americans to refinance their homes at shockingly low rates, and reduce their payments by as much as $12,000 a year.
But here’s the catch, like most government programs, this is likely temporary. But the good news is, once you’re in, you’re in. If the thought of a lower payment, fewer years on your mortgage, and even taking some cash equity out of the deal is appealing, the time to act is right now.