With the combination of mortgage rates being low and the Home Affordable Refinance Program coming to a close September 30, now is the time to refinance your home before it’s too late!
To recap, the Home Affordable Refinance Program (HARP) allows homeowners who owe more on their home than what it is actually worth, or have very low equity. The goal is to get homeowners above water on their mortgage payment.
The program has been around since 2009, but is coming to a close very soon, and there are many that are eligible to take advantage of this program. Here are the eligibility requirements:
Frannie Mae or Freddie Mac must own your mortgage or have been sold to either of them before May 31, 2009.
Your loan-to-value (LTV) must be between 80% to 200%.
You must have been paying on-time payments for the past six months.
You have not signed up for HARP before. The only exception to this is you signed up with HARP between March and May 2009.
How Much Will You Save?
There are lots of calculators out there that will compare mortgage rates to see how much you would save each month, each year, or even during the entirety of your mortgage cycle. Take this into consideration, however, if you even lowered your mortgage rate by 1%, your monthly payment will reduce by $120 per month!
Call one of our mortgage experts today to check your eligibility and what other loan options are available to you.