News Details

The new program aims to help homeowners who owe more than their home’s value

TULSA, Okla.--(BUSINESS WIRE)-- BOK Financial Mortgage Group announces it is now accepting applications for the recently extended Home Affordable Refinance Program (HARP) offered through the Federal Housing Finance Agency (FHFA) with Freddie Mac and Fannie Mae. The program is designed to help borrowers, including those who owe more than their home’s value, to take advantage of low interest rates and other refinancing benefits. The program applies to homeowners who currently have a Freddie Mac or Fannie Mae mortgage and who meet certain other eligibility criteria.

“Launching this program means BOK Financial Mortgage Group is going to help more homeowners stay in their homes, and that’s good for families, communities and our entire economy,” said Ben Cowen, president of BOK Financial Mortgage Group. “HARP now allows even more people to refinance their homes and take advantage of historically low interest rates, despite the fact that their home value has declined.”

Cowen said many homeowners, who owe more on their mortgage than their house is worth, will benefit from HARP because it’s the only program available that allows them to refinance. Now these homeowners can refinance regardless of their home’s value, Cowen said.

“When homeowners are able to refinance, not only do they lower their monthly mortgage payments, but also they can reduce the total amount they owe on their home since they won’t pay as much in interest over the long term,” Cowen said. “This could mean significant improvements in a family’s financial outlook, and I’m proud we’ll be able to offer that to our customers.”

The FHFA first introduced the HARP program in 2009. These latest changes, deemed HARP II, go into effect Dec. 1, 2011.

HARP rules dictate that BOK Financial Mortgage Group, along with all other mortgage lenders, can only refinance existing customers through this program, until March 2012. After that time, any homeowner interested in refinancing can apply with any lender.

“While we’ll be focusing our efforts on assisting current customers with HARP refinancing through March due to the program’s rules, we are always willing to talk to customers of other lenders about the program,” Cowen said. “Our lenders are very knowledgeable about the process and the qualifications, and we are happy to provide any information to help homeowners make the best decisions for their future.”

Cowen said homeowners not currently with BOK Financial Mortgage Group but interested in HARP refinancing should still call for more information as their current lender may not offer the program.

“Many other lenders aren’t able to offer the latest enhancements to the HARP program, which means their customers can’t participate right now,” said Cowen. “Homeowners in that situation should go ahead and contact us to see if there’s another program they qualify for today, or to get more information on applying for HARP in March.”

The HARP program is available through Dec. 31, 2013.

Homeowners interested in learning more about HARP and BOK Financial Mortgage Group can contact the nearest office:

About BOK Financial Mortgage Group

BOK Financial Mortgage Group is division of BOK Financial, a regional financial services company that provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network. Holdings include BOKF, NA, BOSC, Inc., and Cavanal Hill Investment Management, Inc. Operating divisions of BOKF, NA include Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Oklahoma, Bank of Texas, Colorado State Bank and Trust, Bank of Kansas City, and the TransFund electronic funds network. Shares of BOK Financial are traded on the NASDAQ under the symbol BOKF. For more information, visit www.bokf.com.

BOK Financial Corporation
Andrea Myers, 918-594-7794
Corporate Communications

Source: BOK Financial Mortgage Group