In the News

Is refinancing the right move for you? (HARP 2.0)

Federal programs can help many homeowners, experts say

Historically low rates and several federal programs could help make mortgages cheaper for many homeowners across metro Detroit. "Rates are really, really historically low right now," said Mark Workens, CEO of Mortgage One Sterling Heights. "I would say a majority of people ... should be looking at refinancing." Workens said many people should even be able to refinance for "virtually zero costs."

"The old rule of thumb of a point or a point-and-a-half that you need to save, that's totally out the window," he said. "The bigger the mortgage, the smaller the change you need to make a difference." He said homeowners could check to see if refinancing is worth it by giving his office a call or even inputting a little information online.

And a new option under the federal Home Affordable Refinance Program (HARP) means that even more people could be eligible to get a lower rate. "There's still HARP money out there, but the big change is they're talking about the reduction in costs," he said.

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