Despite the current national average mortgage rate hovering below 5%, many homeowners have not refinanced their current home loan even though they may benefit from doing so. Informa Research Services, a subsidiary of Informa plc (LSE: INF), passes along important information from AimLoan.com to help consumers who could save money by refinancing their current mortgage (http://www.erate.com/mortgage_rates_search.htm).

According to AimLoan.com, ?the 4.2 million homeowners who refinanced their mortgages [in 2009] are saving an average of $2,600 annually.? By refinancing their home with a mortgage that has a lower rate attached, homeowners can save money immediately by lowering their monthly mortgage payment. Additionally, by lowering their monthly expenses, homeowners are left with more money in their pockets, which can help boost the economy. One way to initiate this economically advantageous chain of events is by using the Home Affordable Refinance Program (HARP).

HARP is offered by both Fannie Mae and Freddie Mac, and it is ?designed for homeowners who have continued to pay their mortgage on time, but whose property values have fallen through no fault of their own,? says Vince Kasperick, Founder and CEO of AimLoan.com.

Refinancing through HARP must follow specific guidelines, and the home loans involved must be held by Fannie Mae or Freddie Mac. Many homeowners are unaware of this option because some major lenders are limiting the number of HARP refinances they offer. To find out if your mortgage is eligible or find out more about HARP, please visit http://www.makinghomeaffordable.gov.

When consumers are looking to refinance their mortgage using HARP, they should start by educating themselves about what constitutes a low rate. One of the most efficient ways to do this is to use online rate comparison tables. While these tables may not include HARP refinance rates, it is one of the best ways for consumers to quickly find out what rates are currently being offered by lenders in their area.

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James Royal, 818-880-8877