The Home Affordable Refinance Program (HARP) loan helps countless homeowners in Miami-Dade County to re-finance their under water homes when it was previously impossible. If you are among the many who are qualified for the newest HARP refinance program, FiveStarsMortgage.com will help you to easily help you in your home loan. Call 800-871-2636 or fill out this HARP Information Request to get going toward a lower interest rate immediately.
HARP Refinance Historical Background, Plan Prerequisites, and Updates
The Making Home Affordable Program, first created and started in late 2009, helps a great number of homeowners who had been previously helpless to get refinancing for their mortgage loan. On account of total decreases in the economy and property values, homeowners were having difficulty having to pay more than they can afford on their homes. One of the chief benefits of the program was the introduction of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing program, approved home owners of Bay Harbor Islands, FL with HARP Refinancing can usually get a lower payment for their mortgage loan and save yourself thousands of dollars over the long haul.
The HARP system is for home-owners with Freddie Mac or Fannie Mae backed mortgages who have a loan-to-value (LTV) ratio of greater than 80% on their mortgage loan. Because mortgage loans with an LTV in excess of 80% are often unable to qualify for typical refinancing options, the HARP program was important to permit as many people as possible to begin lowering costs on their monthly mortgage payments. As credit seekers demands have changed since the program was implemented, the HARP program has additionally been through quite a few variations permitting additional flexibility for acceptance. Currently, the HARP program sold is identified as HARP 2.0 and provides more flexible qualification standards. Below is a review of the history and continuing growth of the HARP home refinance loan program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process is providing major relief for Bay Harbor Islands home owners that were not able to refinance in the past as a consequence of shrinking home values. The new version of the Home Affordable Refinance Program (HARP 2.0) has now been released. This new version of HARP allows unrestricted LTV, which is the most critical change. Meaning no more limits on how much money a homeowner owes on their home loan vs. how much their house is currently worth! Bay Harbor Islands, FL homeowners upside-down or under water in their home loan will have some help. In addition to this, there are also fewer restricted credit guidelines implemented. Many of the other government relief loan refinancing programs in the past have fallen short of truly aiding home owners to refinance their mortgage to a lower interest rate. The present version of the HARP mortgage program (2.0) provides the relief many Bay Harbor Islands, FL home-owners have deparately needed for so long. Despite who your current loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we can help so long as your home mortgage is currently Fannie Mae or Freddie Mac backed.
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The important points of the program are based on what is currently being spoken about but it is not known what the final program will provide or if it will even pass through Government red tape. The government has assumed that it would probably help over 20 million borrowers and save home-owners an average of $250 per month on mortgage payments, that may add to $35-70 billion in savings annually.
HARP 3.0 MYREFI (Recommended Potential Program)
HARP refinance loan application requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The short application form only takes a moment and no personal info ever required. You can also call 800-871-2636 7 days a week.
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