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Helping Others Recognize The Advantages Of Refinancing Using The Harp Program
There was NO APPRAISAL needed and within 30 days we closed their loan. The new 30 year loan at 3.875% and ZERO closing costs saved them $476 per month. HARP 2.0 has fared much better since its release in late 2011. Homeowners eligible for HARP 2.0 must be current on their existing mortgage , not have any late payments in the last six months and no more than one late payment in the last twelve months. Not sure if your mortgage is owned by Fannie Mae?
Based out of California, HARP Alliance has seen the need in the current economic times and the hardships of home owners to create a place where home owners can go to save money and their homes. If you can meet those criteria, you have until Dec. As this program can be considered just because a frame function for the lending lenders, the interest rates can differ. The government can not have the interest rates set for this program. As this program may be considered only because a frame suit the mortgage creditors, the interest rates may change.
The longer a home loan, the cheaper the monthly payment is. To understand the efficiency of HARP for Ohio mortgage borrowers , it is perhaps best to look at how far the program has come since its inception in March of 2009. And while refinancing rates on average may have been at about 5 percent in 2011 and as low as 3.31 percent in 2012, they were at about 6.5 percent in 2008 before the program was installed. There is also talk of extending HARP 2 beyond 2013 and allowing to �Re-HARP� borrowers.
As Senior Vice President of BayCal Financial , he is responsible for overseeing one of the largest mortgage brokerages in the San Francisco Bay Area. While many people believe that HARP 2.0 is solely designed to benefit those property owners that are significantly underwater, this is not the case. Year to date, of the 297,103 HARP refinances that have been processed, 218,830 of the 297,103 have been for loans at or under 105% loan-to-value. This meant that borrowers who have been paying down their mortgages over many years, building equity in their homes, were locked out of the program.
If you go for refinancing, you will be in a better position to either break even or save money if you live in your home for a longer period of time. Many homeowners are having trouble with their mortgage due to financial problems and a tough housing market. Here is an explanation of Obama's home refinancing stimulus program and how it can help a struggling homeowner regain control of their financial situation. Government sponsored mortgage products have helped numerous people. Of course, mortgage refinancing is possible only if one has positive built up equity in the house.
However, they can breathe a sigh of relief to know that there�s a last gasp of refinancing that is soon approaching and the underwater homeowners might eve benefit through this program. In fact, the new provisions of the Home Affordable Refinance Program ( HARP ) make it easier than ever before. Our outstanding loan balance is less than 25% of the value of the home which has continued to slowly appreciate. We should have no problem refinancing and had lots of offers when we tested the waters a few months ago.