Will a refinance under HARP reduce the amount that I owe on my loan?

No. The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe. (See “How will I know if a refinance under HARP will improve the long-term affordability or stability of my loan?”)

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