The Home Affordable Refinance Program Has Been Extended Until December 31, 2013
The Home Affordable Refinance Program or HARP is just a piece of the $75 billion government sponsored Making Home Affordable Program. It can help borrowers reduce their monthly mortgage payments significantly. You can apply for the HARP refinance loan and get the lowest possible home affordable refinance program rates if:
· You are unable to acquire conventional home refinancing loans
· You are barely able to stay current with your existing mortgage payments
· The total value of your home has deteriorated considerably
Program Availability -Latest Update On The Home Affordable Refinance Plan
According to the latest update, the time duration for the Home Affordable Refinance Program has been extended until December 31, 2013. Get in touch with your current mortgage servicer to learn if you can qualify for the lowest interest rate Home Affordable Refinancing Program loans. Only lenders that are active participants in the HARP plan offer refinance mortgage solutions. Get help from Fannie Mae or Freddie Mac in order to find out if you are HARP eligible.
Get Started and Apply For A HARP Refinance Loan Today! Credit No Issues!
By qualifying for a HARP refinance mortgage loan, you will be able to secure a new stable mortagage as well as a more affordable mortgage as the federal schedule has been purposely designed to ensure this. Funds for refinancing can be available in abundance under the Home Affordable Refinance Program (HARP). However, in order to obtain the benefits of a lower interest rate, HARP refinance program applicants may be required to meet a few basic qualification criteria. In addition, borrowers may be requred to undergo a very meticulous HARP refinance application and underwriting process. Fees for refinancing do apply.
Home Affordable Refinance Program Eligibility Guidelines:
In order to be eligible for HARP, find out if you can comply with the Home Affordable Refinance Program guidelines:
· The owned home to be refinanced has to be your primary residence.
· It is likely for you to obtain a HARP refinance loan even if there is no equity left in your home.
· Existing mortgage loan needs to be Fannie Mae or Freddie Mac owned or guaranteed.
· Sale of the current mortgage to Fannie Mae or Freddie Mac should have been completed on or before 31st May, 2009.
· Present Loan-To-Value (LTV) ratio needs to be more than 80% to qualify for a HARP program refinance.
· Maintained a good payment history on your current home mortgage loan for the past 12 months.
· Refinancing with the HARP program may not be allowed if you have refinanced your home using government mortgage relief assistance earlier. Only Fannie Mae loans can be refinanced if they have been approved during the period March to May, 2009.
3 Simple And Easy Steps For Refinancing With The HARP Refinance Plan
1. Make use of a number of Fannie Mae or Freddie Mac “Loan Lookup Tools” to identify if your current home mortgage is backed by any of them.
2. Get in touch with several HARP refinance lenders to obtain information in relation to your low rate home refinance alternatives.
3. Evaluate the home affordable refinance program rates and its costs as presented by several loan servicers in order to ensure that you will be getting the best deal.
Here’s How The Home Affordable Refinance Schedule Works
Refinance Despite Having A Second Mortgage To Reduce Your Monthly Payments
Homeowners are not obliged to have a 20% home equity for refinancing with the Home Affordable Refinance Program. You can effortlessly get rid of an unaffordable primary mortgage loan by acquiring a refinance loan up to 125% of the current value of your home. However, if you have a second mortgage loan on top of your first mortgage, conditions set by the making home affordable second mortgage program may apply. Regardless, if you are HARP qualified, you may get:
· Low fixed interest rates for the initial five years
· New loan durations that extend up to 30 years
· To pay off existing mortgage loan almost instantly
· Enabled to save hundreds of dollars every month
· Low fixed interest rates for the initial five years
Get in touch with an expert to know more about the home affordable refinance program eligibility!
Even Commercial Or Investment Properties May Qualify For A refinance!
According to the Making Home Affordable’s second mortgage plan and Home Affordable Refinance Program guidelines, if you have a second mortgage over and above your first or primary mortgage loan, HARP refinance lenders that also participate in the federal government’s second mortgage plan, may take action to guarantee that you will be able to afford the new monthly payments with ease. Consequently, the following may also hold true:
· Interest rate on additional mortgage or home equity loan may be reduced to as low as 1% for 5 years.
· Charge prevailing rate of interest on a fixed rate basis for refinancing the first mortgage for a loan term of 30 years.
· Applicants may not necessarily be the primary residents in their owned homes.
· Private mortgage insurance could be needed for primary home mortgage loans.
· Thus, the HARP Home Affordable Refinance Program in association with the Making Home Affordable’s second mortgage program may be able to even help out owners of commercial, vacation or rental homes in significantly decreasing the current monthly payments and therefore, collect the benefits offered by the federal scheme.
