Refinance with a HARP Loan

By on April 5, 2013

Is your house worth more than you owe? Refinance with a HARP Loan.

The Home Affordable Refinance Program known as HARP can help lower your monthly mortgage payments. HARP is designed to help you get a new more affordable mortgage. Check to see if your home loan can be refinanced with a HARP.

If you are current on your mortgage, with or without equity in your home, then you could be eligible for this program. The HARP program allows you take to advantage of current market rates even if you are “underwater”. Underwater in this context means you owe more money on your house then it could sell for in the current real estate market.

Following is some mortgage talk about the program for the people who like that type of details. For a more person information to see if you can do a HARP loan can help

If you’re underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance. You may be eligible for HARP if you meet all of the following criteria. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.The current loan-to-value (LTV) ratio must be greater than 80%. We will run your application though the process and see if you qualify. Just start with emailing me or fill out the form.

Will refinancing the mortgage create enough payback to go through the process? Is there a way to evaluate the benefits of the mortgage refinance and the cost of doing it?

Steven Covey said, “Start with the end in mind.” In other words, why do you want to refinance your mortgage? I will give the 4 general reasons why to refinance a real estate loan, but I believe your situation is unique and should be discussed with a professional mortgage broker or banker.

The mortgage interest rate could be lower because of changes in the market conditions or because your credit score has improved. In other word you could receive a lower interest rate real estate loan because of macroeconomic reasons as well as personal reasons.

he benefit analysis of a mortgage refinance is simply the cost of the refinance versus the benefits received. Numbers and more numbers are the cure of understanding if it is worth refinancing or not.

The numbers of the cost of refinancing the loan should be provided with the loan documents. You will get a good faith estimate along with an APR. This is where a quality mortgage broker or banker is worth their weight in gold. Have them explain the cost until you understand it. They look at these type of numbers every day and get numb to the effect that an eighth of a point means to someone who does this only once every five years or so.

By the way, CLA Sacramento and foothills can do HARP loan for all of California.

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