HARP 2016- mortgage.info

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Transcript of HARP 2016- mortgage.info

HARP

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HARP stands for the Affordable Refinance Program.This program is a federally backed mortgageprogram that is designed to help homeownersrefinance their homes at the new rates of today’smortgages that are oftentimes much lower than therates on their original mortgage.

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HARP is unique in that borrowers that owe more ontheir mortgage than their home is worth can now getnew low rates in a HARP refinance. This programs isdesigned to help homeowners get back into financialstability with their mortgages. Most homeowners inthe HARP program were able to reduce theirmonthly mortgage payments with a lower interestrate after the refinance.

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HARP loans still exist?This program was originally created in 2014 and was going toend in 2015 however there was an extension added thatextends this program through December 2016. This meansthat there is only a limited time to take advantage of theHARP refinance. An HARP refinance can be used on shorterterm loans to build equity on your home or on longerprograms to convert adjustable mortgages into fixed-loanprograms.

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How do I qualify?

As with any other loan there are some requirementthat you must have fulfilled in order to refinanceyour home with an HARP loan.

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We have listed the qualifications for eligibility below:

You must be in good standing on yourcurrent mortgage – You must have made allpayments on time, or have had not latepayments made 30 days or more past thepay date in the last 6 months. You musthave no more than one late payment madein the in the last 12 months.

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Your property must be a primaryresidence, a 1-unit second home, or a 1-4 unit investment property. SomeCondos are eligible.

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Your loan must have a closing dateof May 31, 2009 or before – You canfind out your note date online

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Your mortgage must be backed byFreddie Mac or Fannie Mae

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You must have an 80% or higherloan-to-value ratio – This can becalculated by dividing the money youowe on your home by the value ofyour home.

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The HARP refinance can be done through a differentbank than the bank your originally obtained yourmortgage from. So if your bank does not offer HARPloan don’t give up there are still lenders out there thatcan help you refinance your home.

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HARP 2.0 refinance information for 2016. Getqualified for the HARP refinance program before itexpires at the end of 2016. Free quotes here onMortgage.info.

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T O L E A R N M O R EMORTGAGE.INFO

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C L I C K H E R E

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

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