(StatePoint) If you’re a homeowner, you probably know that refinancing could mean lower monthly payments, lower interest rates and a shorter-term loan. However, if your mortgage is underwater, a refinance is hard to come by and you may have been turned down in the past. But don’t despair just yet.

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A government initiative, introduced by the Federal Housing Finance Agency, is making it easier to refinance. The Home Affordable Refinance Program (HARP) is enabling homeowners who owe almost as much or more than the current value of their homes to take advantage of the long-term benefits of refinancing.

With recent program modifications and interest rates still at historically low levels, it is now easier to refinance with HARP, and those who have been turned down in the past may now be eligible.

If you are current on your mortgage payments, your loan is backed by Fannie Mae or Freddie Mac, and you have little or negative equity in your home, you may be eligible for HARP. To find out more information, visit www.harp.gov.

Before resigning yourself to high interest rates, take a look at available options.

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