Have you heard of HARP? If you haven’t, you’re not alone.
Though the program was started back in 2009, it hasn’t really gotten the
popularity it deserves, in large part because a lot of home lenders don’t go
around advertising it.
The program’s name is actually the Home Affordable Refinance
Program, and it’s a great way for homeowners to easily refinance their
mortgages, thus saving them money in the long run. The new mortgage terms that
can be negotiated under the act are typically more stable, in addition to being
cheaper than average mortgage terms, and the few homeowners who have taken
advantage of this bailout have saved as much as $3000 each year.
This brand new year- 2015- is the last year to take
advantage of the program. However, it’s definitely not too late to enjoy an
awesome new mortgage rate! Just some of the benefits homeowners can qualify for
include:
l Eliminate
up to 15 years of payments
l Refinancing
l Reduced
payments
Taking advantage of HARP is 100% free, but homeowners do
have to qualify for the program. The basic eligibility requirements are:
l Current
on mortgage payments
l The
home is a primary residence, a second home, or an investment property
l The
home loan is through Freddie Mac or Fannie Mae
l The
loan was started before May 31, 2009
l The
current Loan to Value ratio is more than 80%
Individuals who meet these eligibility requirements are
encouraged to contact their financial advisors to talk about how this option
could possibly benefit them. If they are given the “go-ahead” from their
advisors, the next step is for a homeowner to contact his or her mortgage
company, if the mortgage company is a HARP approved lender. If not, a HARP
lender should be found and contacted to get the process started. Taking
advantage of this government program is a smart choice for many people and is
definitely worth looking into for homeowners who want to refinance their
mortgages.
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