Home Affordability Refinance Program (HARP)

 

Do you want to stay in your current home but your payments are a bit of a stretch? Are you current on your payments with a good payment record for the last 12 months? Is your loan owned or guaranteed by Fannie Mae or Freddie Mac? If so, HARP might just be the solution you need.

HARP allows you to refinance your mortgage at a lower interest rate even if you owe more on your home than it is worth. If this program sounds appealing but you are not sure whether your loan is owned or guaranteed by Freddie Mac or Fannie Mae here are links you can use to find out.

To check for Freddie Mac eligibility click here

To Check Fannie Mae eligibility click here

If your loan is owned or guaranteed by Fannie Mae or Freddie Mac and you are interested in HARP, try calling your loan servicing company (the company to whom you make your mortgage payments) to see if they participate in HARP (not all do). If they participate they will be able to provide you with all the information you need to make a decision as to whether the program will be a benefit to you. If your servicing company doesn’t participate you can check with other lenders to find one that does. I’d be happy to refer you to local lenders that participate, so please feel free to contact me.

You may be surprised by how much you can save on your monthly mortgage payments by refinancing. You may even be able to reduce the number of years of payments by keeping your payments closer to what you are paying today.

Monthly Difference in Payments
200k@3.75% for 30 yrs.	200k@6.5% for 30 yrs.	Savings
$926.23	$1264.14	$337.91

For more information on HARP, please check out the Making Home Affordable website at http://www.makinghomeaffordable.gov or call 888-995-HOPE (4673). If you decide you’d rather sell your home, I’d love to apply for the job of getting it sold! Please contact me at 813-230-5804.