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    Refinance Your Home with HARP®

    Justin McHoodBy Justin McHoodJune 20, 2016Updated:June 21, 2017No Comments4 Mins Read
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    Refinance your home with HARP
    The Home Affordable Refinance Program (HARP®) stands by its name of helping homeowners refinance into more affordable loans with a simpler and faster approach.

    Since 2009, HARP® has helped millions of underwater mortgage borrowers whose homes have little equity or a loan balance that exceeds the current value of the property. HARP® enables many homeowners facing foreclosure to refinance their loans and secure better rates.

    Benefits

    Whether your home has little or no equity, you may be able to refinance under the HARP® program to:

    • Reduce your interest rate.
    • Switch from an adjustable ­rate mortgage (ARM) to a fixed­rate mortgage (FRM).
    • Lower your monthly payment.
    • Opt for a shorter loan term.
    • Benefit from lower closing costs.

    Looking to Refinance? Talk to a Lender today!»

    Over the years, HARP® has been modified to simplify its guidelines, e.g. removing LTV ceiling, waiving property appraisals in some cases, modifying fees, and requiring less paperwork, among other things. This is so more loans can be refinanced through December 31, 2016, the program’s deadline.

    Eligibility

    Fannie/Freddie: To be eligible for HARP®, your mortgage must be owned or backed by Fannie Mae or Freddie Mac. Call 800­7FANNIE and/or 800­FREDDIE to determine if the loan serviced by your lender is guaranteed by either government­sponsored entity (GSE).

    If your loan is not owned by either Fannie Mae or Freddie Mac, you are not eligible for HARP®. BUT you can still refinance your loan under programs or loans insured by FHA, VA, and USDA.

    Delinquencies: Your mortgage loan must be current, having no delinquencies during the past six months and a maximum of one late payment in the year.

    LTV:HARP® sets the current loan­to­value ratio to be more than 80% and you can calculate your LTV here. If you’ve been turned down once because you owed over 105% of your home value, you can try again as HARP® now accepts borrowers whose loan balance exceeds the home value, subject to further guidelines.

    Origination date: Your mortgage loan should have an origination date on or before May 31, 2009.

    Eligible properties: HARP® refinancing is applicable to (a) primary residence, (b) one­unit second home; and (c) one to four­unit investment property.

    Process

    Refinancing your loan usually entails these steps outlined by HARP®. Step one: Ready your financial and loan information, such as mortgage statements that may include information on your second mortgage, and income details that may include income tax returns or pay stubs.

    Get Started on your Refinance today!»

    Step two: Call your mortgage lender to determine if it is an approved lender with HARP®. Notwithstanding your loan status with them, you will be required to produce the necessary documents to verify your current income source. Or, get in touch with a HARP® lender approved with Fannie Mae or Freddie Mac and ask them if you qualify for a refinancing under HARP®. If one lender says you don’t qualify for HARP®, you can always seek other lenders’ opinion.

    Step three: Upon the lender’s determination that you qualify, you will go through the process of applying and having the loan approved and closed with your lender’s help.

    Have You Talked to a HARP® Lender?

    For all these, HARP® represents a worthwhile and good opportunity for you or other borrowers who want to effectively lower their mortgage rates, without requiring additional or new mortgage insurance. You better act quickly though because the program only runs through December 2016.

    You can connect with a HARP® lender now to find out if you are eligible for HARP® refinancing and other details you might need to increase your chances of qualifying. Click the orange button today!

     

    Click Here to get matched with a Lender»

    Justin McHood
    Website | + posts

    Justin McHood is America's Mortgage Commentator and has been providing expert mortgage analysis for over 10 years.

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    adjustable ­rate mortgage ARM fixed ­rate mortgage FRM HARP HARP Eligible properties LTV
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    Justin McHood
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    Justin McHood is America's Mortgage Commentator and has been providing expert mortgage analysis for over 10 years.

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