Refinance with HARP
Homeowners with little or no equity in their homes can still take advantage of lower interest rates through the Home Affordable Refinance Program (HARP). HARP is a government-sponsored program designed to help homeowners with a loan balance greater than the value of their homes.
Benefits of Refinancing With HARP
Is it worth it to refinance your loan if you are underwater on your mortgage? Yes! A HARP refinance will help you:
- Lower your interest rate
- Switch your mortgage from adjustable rate to fixed rate
- Reduce your loan from 30 years to 15 years (more cost savings for you!)
- Lower your monthly payment
Do You Qualify For HARP?
In order to qualify for HARP, both of the following must be true:
- You have a good payment history with no delinquent payments for the past 12 months.
- Fannie Mae or Freddie Mac owns your loan.
In addition to these qualifications, HARP might be a good choice for you if:
- Your loan closing took place on or before May 31, 2009
- Market fluctuations have caused your home value to drop.
- Your loan to value ratio is greater than 80%.
Even if you have low income or you have been turned down for refinancing before, you may still qualify to refinance through the HARP program.
What Should You Do Next?
If you qualify for HARP, you will go through the mortgage application and approval process just as you would for a conventional refinance.
Call Money Street Mortgage to speak with one of our home loan experts. We will answer your questions, help you determine whether you qualify, and walk you through the process step by step.