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  • Home Affordable Refinance Program (HARP)

  • The Home Affordable Refinance Program (HARP) is a federal program designed to help homeowners with a mortgage owned by Freddie Mac or Fannie Mae to refinance, even if they have little or no equity, are underwater on their mortgage or have been previously turned down for refinancing.

    As part of the Making Home Affordable Program, the federal government waived some requirements to allow eligible homeowners to refinance through
    December 31, 2016, for a more affordable, more stable mortgage.


    Are you eligible for HARP? 
    You may be eligible for this program if you meet all of the following criteria: 

    1. Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac 
    2. Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
    3. Your mortgage was not previously refinanced under HARP (unless it is a Fannie Mae loan that was refinanced under HARP from March-May 2009)
    4. You are current on the mortgage at the time of the refinance, with a good payment history for the past 12 months

    If your loan satisfies all of these conditions and you will benefit from the refinancing by either lower monthly payment, movement to a more stable mortgage or reducing your term, HARP refinancing may be available to you. 

    One of our experienced Mortgage Consultants can help you understand the application process and the other creditworthiness criteria that we require to refinance with First Niagara.

    Take advantage of HARP and enjoy potential savings through:

    • Low interest rates
    • Additional savings potential by reducing your term
    • Closing Costs may be rolled into the overall loan amount up to the lesser: Actual Costs - or - 4 percent of the current unpaid principal balance (UPB) of the mortgage being refinanced - or - $5,000

    HARP Savings:

    Below are sample savings scenarios with HARP refinancing.

    If your current interest rate is 7.5% and your monthly principal and interest payment is $1,118.74, your potential monthly principal and interest savings may be as follows.

    Term Sample HARP Interest Rate* Sample APR** Sample Monthly Payment*** Possible Monthly Savings
    15-Year 3.75% 3.873% $1,090.83 $27.91
    30-Year 4.50% 4.572% $760.03 $358.71

    The APR and Monthly Payment calculation is based on a loan amount of $150,000 for the refinance of a primary residence property in NY state, with 80% Loan-to-Value (LTV), finance charges of $1,253.95, 15 days of prepaid interest, and a 60-day rate lock period.

     To find out if you may be eligible for HARP, contact one of our Mortgage Consultants or learn more at

    *The interest  rates shown are based on rates effective June 26, 2013. Your individual rate may vary.  Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines.

    **The Annual Percentage Rate (APR) is the cost of your credit as an annual rate. The APR shown is a sample for illustration purposes.  Your APR will be different depending on the specific characteristics of your loan transaction and your creditworthiness up to the time of closing.  If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment.

    ***The payment information represents only the monthly principal and interest portion of a sample payment.  Payments do not include amounts for taxes and insurance premiums, and your actual payment obligation will be higher. 

    Be aware that the interest on any portion of your loan that is greater than the fair market value of your property is not tax-deductible for federal income tax purposes. You should consult your tax advisor for more information.

    This is not a commitment to lend. All loans are subject to credit approval and collateral evaluation. Restrictions apply.

  • Find Out If You Qualify

    Our mortgage consultants will guide you through the HARP application process.

    Contact a Mortgage Consultant

    Call us at 1-877-731-4646  

    Are you having trouble making mortgage payments?

    There may be help for customers during difficult times. Find out if you’re eligible for alternatives to avoid collection activity.

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