The Home Affordable Refinance Program (HARP) loan will permit countless homeowners in Lake County to refinance their underwater homes when it was previously not possible. If you are among the many who qualify for the newest HARP refinancing program, FiveStarsMortgage.com will help you to easily help out in your mortgage loan. Call 800-871-2636 or fill out this HARP Information Request to get started toward a lower interest rate immediately.
HARP Refinance Background, Eligibility Requirements, and Features
The Making Home Affordable Program, which was created and launched in 2009, lets numerous homeowners who had been previously unable to get refinancing for their mortgage loan. Because of existing decreases in the economy and home values, homeowners were trapped having to pay more than they can afford on their homes. Among the best benefits of the program was the creation of the Home Affordable Refinance Program, or HARP. Utilizing this type of new loan refinancing process, eligible residents of Mascotte with HARP Refinancing may get a reduced payment for their mortgage loan and save yourself lots of money over the long haul.
The HARP approach is for home owners with Freddie Mac or Fannie Mae backed mortgage loans having a loan-to-value (LTV) ratio of over 80% on their mortgage loan. Because mortgages with an LTV of more than 80% are often not in a position to qualify for standard refinancing options, the HARP program was essential to enable as many people as possible to begin lowering costs on their monthly payments. As credit seekers needs have changed since the program was implemented, the HARP program has also gone through some variations to enable a lot more flexibility for approval. At present, the HARP program available is identified as HARP 2.0 and provides more flexible qualification conditions. This is the summary of the history and progression of the HARP loan refinancing program:
HARP 1 (Original HARP Home refinance)
The HARP 2.0 mortgage refinance loan process is providing substantial assistance for Mascotte home owners that were not able to refinance their home in the past as a consequence of dropping 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 vital adjustment. What this means is no more restrictions on how much money a home owner currently owes on their home vs. how much their home is currently worth! Mascotte, FL home owners upside down or under water on their mortgage can have some relief. Moreover, there are also less restrictive credit regulations set up. Many of the so called government home refinance programs in the last several years have fallen short of actually helping home owners to refinance their home loan to a lower rate of interest. The modern rendition of the HARP mortgage program (2.0) provides the relief many Mascotte, FL homeowners have deparately needed for too long. No matter what who your current loan servicer is (Bank of America, Wells Fargo, Chase, Citi, etc) we are able to assist provided that your mortgage loan is presently Fannie Mae or Freddie Mac backed.
HARP 3 is still a hypothetical scenario and all of the information provided is hypothesis. The important points of the program derive from what is currently being discussed but it is unknown what the final program will provide or if it will even have the chance of passing. The government has assumed that it would probably help over 20 million borrowers and save home owners an average of $300 a month on monthly mortgage payments, which could add up to $35-70 billion in cost savings every year.
HARP 3 My Refi (Projected Possible Future Program)
HARP refinance mortgage application form requests are being handled now. You can click here to get started and to check your HARP loan eligibility. The quick application only takes one minute without any personal data ever required. You can also call 800-871-2636 7 days a week.
Are you a home-owner that does not presently have a traditional mortgage?