New 2021 Mortgage Relief Program Is Giving $3,708 Back In Savings To Homeowners

(Washington, D.C.) – Homeowners are advised to take advantage of a new Mortgage Relief Program before it’s gone. This is likely to be the largest benefit program American homeowners have seen.

Updated: 2 hours ago

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Available rates and terms (including APRs) are subject to change daily without notice. If you connect to a lender through the HARP Replacement service provider, they will be able to quote you rate & APR options, as well as any associate fees or rebates you’re eligible for. is not a lender, and therefore cannot guarantee rates. is not associated with FHFA or any government program. is not a lender or mortgage broker and does not offer loans or mortgages directly or indirectly through representatives or agents. does not quote, estimate, or guarantee interest rates, loan terms, or APRs. If you click a link on our website, you may be taken to a partner of ours. transfers you to complete your request. By submitting your request you agree to our Privacy Policy.

**”A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low ” – CNBC:

The current ultra-low rates give 17.8 million homeowners an incentive to refinance their higher-rate home loans and cut their monthly mortgage payments by an average $287, Black Knight said Monday. MSN –

“If all 19.3 million candidates were to refinance, the average savings would amount to $309 a month, an aggregate of $5.3 billion, the data firm’s researchers found. More than 7 million could save at least $300 a month, while 2.5 million could save $500 a month or more, Black Knight said.” Source:

1 Mortgage rates at the time of writing (November 1, 2020) are 2.19% (source: are >44% lower than rates in 2008 as listed in

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FHA’s nationwide forward mortgage limit “floor” and “ceiling” for a one-unit property in Calendar Year 2020 are $314,827 and $726,525, respectively.

A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. More information can be found at

Two new refinance programs replaced HARP (which expired December 31, 2018). The HARP replacement programs are called “High LTV Refinance Option” (Fannie Mae) and the “Enhanced Relief Refinance” or “ERR”.

“To encourage borrowers to make the decision to rebuild equity in their homes, we are proposing that the legislation provide for the GSEs and FHA to cover the closing costs of borrowers who chose this option – a benefit averaging about $3,000 per homeowner. To be eligible, a participant in either program must agree to refinance into a loan with a no more than 20 year term with monthly payments roughly equal to those they make under their current loan. For those who agree to these terms, the lender will receive payment for all closing costs directly from the GSEs or the FHA, depending on the entity involved.”

Product Information:

Adjustable Rate Mortgage:

The initial payment on a 30-year $200,000 5-year adjustable rate loan at 1.925% and 75.00% loan-to-value ratio (LTV) is $969.3 with 2.375 points due at closing. The annual percentage rate (APR) is 2.059%. After the initial 5 years, the principal and interest payment is $969.3. The fully indexed rate of 2.125% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.

15-Year Fixed-Rate Mortgage:

The payment on a $200,000 15-year fixed-rate loan at 2.125% and 75.00% loan-to-value ratio (LTV) is $1594.65 with 0 points due at closing. The annual percentage rate (APR) is 2.301%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of 12/01/2021. Some state and county maximum loan amount restrictions may apply.

Based on the two scenarios above, a homeowner could save hundreds from switching from a 15-year fixed-rate loan (payment of $1,504.56) to an adjustable rate mortgage (payment of $969.30), resulting in a savings of $535.26.

30-Year Fixed-Rate Mortgage:

The payment on a $200,000 30-year fixed-rate loan at 2.625% (3.087% APR) with 0 points and an LTV of 97% is $1,241.32, which includes a mortgage insurance payment of $90.00. Taxes and homeowners insurance are not included. The actual payment will be greater. Rates shown valid on publication date of 12/01/2020. Product available on fixed-rate conventional products only. No FHA, VA or jumbo products. Additional restrictions/conditions may apply.

To qualify for these loan programs, you must be at least 18 years of age with a valid U.S. residency. Guidelines may vary for self-employed individuals. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions/conditions may apply.

Cash-Out Refinance:

The average homeowner with a mortgage has gained $12,400 of equity in their home this year available to draw and use, that homeowners are missing out on. Due to the new tax laws, not all uses of cash from HELOC’s are tax deductible, which is a loss of a major benefit for consumers who are interested in tapping into that equity. Therefore, cash-out refinances may be more appealing to individuals interested in refinancing, because they maintain their tax deductible benefits that are not as available under HELOC.

Out of the 51.7 million homeowners with a mortgage in the United States, 43.6 million have tappable equity. This means that 84% may have available equity or cash that they can use in their homes.

12-Month Low Rates: