If you are looking to refinance your home, mortgage rates are currently at their lowest levels in 14 months. However, there are still hundreds of thousands of households in the U.S. that have yet to take advantage of the Home Affordable Refinance Program. The average household saves over 30 percent in monthly payments with a HARP loan, so acting sooner rather than later can save you a lot of money.

HARP expires at the end of 2015, so this is the last chance for homeowners who have a bad rate or negative equity to have the opportunity to refinance. The loanDepot mortgage refinance page lets you know that HARP loans do not require equity, a home appraisal or a minimum credit score. Talking to a licensed mortgage banker will let you know if your current home loan qualifies to be refinanced with a HARP loan.

At its start, HARP had a 125 percent loan-to-value cap, which restricted many homeowners who were upside down on their home loans from qualifying. After two years of not reaching its target, restrictions on HARP loans were reduced, meaning the 125 percent LTV was no longer a restriction, and new mortgage lenders were not responsible for errors from the previous lender.

Currently, over 3 million HARP loans have been closed since the program’s start, though the initial surge of loans with LTVs over 125 percent has since faded. Home values have been slowly increasing again, so that rate has decreased to 10 percent of all HARP loans. The program will be ending on December 31, 2015, and there are currently no plans to extend it, so it is a good idea to act now, like with a loanDepot HARP loan.