The Home Affordable Refinance Program, or HARP, allows homeowners to refinance their underwater homes where it was previously impossible. If you are one of the many who qualify for the new HARP program, MortgageRefinanceRates.org can help you quickly connect to a lender who can help you.
The Making Home Affordable Program, which was a government mortgage assistance program created in early 2009, allows many homeowners refinance their mortgage into a lower payment. Because of overall declines in the economy and home values, homeowners were stuck paying more that they could afford on their homes.
One of the most beneficial aspects of the program was the Home Affordable Refinance Program, or HARP. This government-sponsored refi program opens doors to refinancing that were previously shut.
HARP Loans are for homeowners with Freddie Mac- or Fannie Mae-backed mortgages and who have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgages with an LTV of over 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their mortgage payments.
As borrowers needs have changed since the program was implemented, the HARP program has also undergone some changes to allow more flexibility for approval. Currently, the HARP program being offered is called HARP 2.0 and offers more flexible qualification requirements. Here is a breakdown of the history and development of the HARP refinance program:
HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is currently being discussed but it is unknown what the final program will offer or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $250 a month on their mortgage payments, which could add up to $35-70 billion in savings annually.
The HARP program has been extended through 2014 and 2015 and is set to expire on December 31st, 2015. Although there’s a lot of time left for the program, interest rates may not cooperate. The Fed may pull back it’s Quantitative Easing (QE) program in 2014.
Without the QE program, which is keeping rates artificially low, mortgage interest rates would jump. Whether this happens in 2014, no one knows, but it’s a real possibility, especially if the economy improves quicker than expected.
Lock in your HARP rate now to avoid possible interest rate hikes in 2014.
Whenever you are shopping for a mortgage or a refinance, it is in your best interests to meet with more than one lender to compare rates and lending requirements. Each lender has different requirements for HARP, so if you are denied a HARP refinance by one lender, complete our contact request form to speak to a different one.
Also, most lenders will negotiate rates and fees for HARP loans, so getting multiple quotes is a great idea.
Like all mortgage interest rates, HARP loan rates can change on a daily basis. At MortgageRefinanceRates.org, we connect you with the best lenders in today’s market, meaning the a great loan and rate for you.
This saves you time, money, effort, and helps you start saving immediately. When you work with MortgageRefinanceRates.org, you are working with a company that will never misuse your information or sell you services that you don’t need or that won’t help you. You will be contacted by up to four lenders, who have been screened and matched to help you save the most money right away.
Get started now by filling out a short online form here. Receive a free, no commitment quote and see how much you can save on your home loan with a HARP refinance. Click here to start saving.
Disclosure to Vermont Consumers
Full Beaker, Inc. does not act as your lender. Full Beaker, Inc. forwards your information to our mortgage origination partners who then contact you directly with their offers. Our services are provided free of cost to you and we do not charge or attempt to collect any fees from you. Our fees are flat and are collected from our partners, the amount of which is not dependent upon whether or not a loan is closed. Full Beaker, Inc. neither selects nor recommends a loan product for you. Per Vermont law, we represent the interests of potential borrowers by referring you to one or more of our mortgage origination partners who are licensed or otherwise authorized to do business in Vermont. We maintain records of your inquiry and recommend that you to print out a copy of this agreement for your own purposes.
By clicking 'Submit' below, you have read the above disclosure and understand that as a resident of Vermont you are submitting your information to Full Beaker, Inc.