perhaps you thought to take advantage of a lower rate to abandon this monthly payment, but a lack of fairness has been stopping you.
home affordable refinance program (HARP, the Government of the United States) may be the solution to your problem. The deadline to take advantage of the program has just been extended to September 30, 2017.
despite the extension, this makes much sense to refinance now while rates remain at or near historically low levels.
I know it may seem like we are harping on HARP sometimes, but we do it for a good reason. It is one of the only programs that will allow you to refinance even if you owe more on your home than it's worth.
HARP has long existed, but more than 5.3 million eligible homeowners have yet to take advantage of the program, according to the Urban Institute.
necessary HARP
before you can get a lower monthly payment, there are a few requirements, you need to know about:
- the mortgage must be owned by Fannie Mae or Freddie Mac.
- the loan must have been sold to Fannie Mae or Freddie Mac before May 31, 09.
- your loan-value ratio (LTV), which compares the outstanding balance on your home with its market value - should be between 80% and 0%.
- you must be current on your mortgage. This means only to have late payment in the year past and none in the last six months before the refinancing.
- you can only refinance under HARP once, unless refinance you a loan from Fannie Mae as part of GREENLAND between March and may 09, in which case, you will be able to refinance under HARP, a second time.
If you think you are eligible, you can check your eligibility here.
even if you are not eligible under the HARP, we have other options to lower your payment that match your situation.
rates are really low
If you listen to the radio or television at all, you have probably been flooded with this message, but I really can't say enough. Rates remain at or near historically low levels, and they probably won't go down any time soon.
are weak how? Let's say you've got a mortgage loan in April 09. Rate would have been about 5% low if you paid a minimum amount in prepaid interest.
If you refinance now, you can get a minimum rate in the highs of 3% for initial investment in terms of points of interest paid in advance.
If your rate went from 5,125% to 3.75% on a $150,000 mortgage, you could save more than $0 a month. It's $0, which could be put to the college of your child, your retirement or any fund what you please.
If you want to take advantage of these savings of HARP, you'll have to do it quickly to take advantage of today's low rates. Please visit our program page or call the (888) 728-4702.