Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

The Lower Rate HARP Refinance Program

By Dewittwalkins Subscribe to RSS | May 22nd 2012 | Views:

The Home Affordable Refinance Program was initiated by the Federal Housing Financial Agency of United States of America with the intention to assist the underwater homeowners in mortgage refinancing. These mortgages are connected with the organizations called Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).

For qualifying the HARP refinance program, certain criteria have to be clearly met. As early mentioned, the mortgage should be possessed and guaranteed by any of the 2 organizations like Fannie Mae or Freddie Mac. Also you must not have early availed a HARP refinance of the mortgage. The commencement of your loan should be on or before 31st May 2009 as per the rules. It should be above 80% while comparing the loan-to-value ratio of your property. There should be an up to date payment track without any single fail or single late pay in the past 12 months.

Here the homeowner is unable to replace his mortgage with the normal procedures where procedures and policies may not allow him to avail a refinance. Also it may not be worth to go for a short sale which will force him to suffer a big loss. Hence we would continue to keep his home by availing a special refinancing program like HARP. But on the other hand, it is very liberal that no specific limit is placed on there to the loan amount. In the same time, the HARP interest rates are adjusted to that level which can positively proportional to the risk level also. But here again the increase in interest rate is ceased at a certain level which can be relatively a low rate compared to the other type of loans. The flexibility to switch the borrower of the loan can be done in the rare instances like divorce of the couples. But your income and employment information will have to be updated with them for availing and qualifying for the loan. Normally the loan period can be of a length of 10 to 30 years.

The judicious advice to the homeowners is that it is better to avoid much risk of paying more interest and owning more burdens by choosing the appropriate amount of loan product. You must be maintaining a saving policy which can help you accumulating a great amount of income to be utilized in your future. The mortgage lenders like Easy HARP Refinance are providing their borrowers a surprise reward for the timely payment of such loans. Free quotes can be availed from their website by contacting them online. The better fast you can pay off your mortgage, the more you can save and invest. The ultimate result is that you will not be losing your valuable investments and maintaining until things get right.

This Article Content is taken from this website:

Dewittwalkins - About Author:
HARP loan refinance program is a refinance program available to borrower's whose mortgages are owned by Fannie Mae or Freddie Mac. The HARP program was initially introduced in 2010. Want to know more information about harp program qualifications and harp program refinance please visit our website.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Mortgage Articles Subscribe to RSS

Bad credit and mortgage refinance option
Published by Kam Brar on December 16th 2011 | Finance
As people think, it is not easy to get mortgage refinance with bad credit. There are various factors...
All you need to know about affordable home refinance loans
Published by Apil Gupta on June 24th 2012 | Mortgage
In the present scenario, having a healthy credit score is certainly a utopian situation, more so aft...
Looking for refinance mortgage loan - How to find the right one
Published by Apil Gupta on June 24th 2012 | Mortgage
In case you are looking to refinance mortgage loan for your home, there are many things that need co...
Versatile Repayment Options of San Diego Loans
Published by Frank Joseph on August 23rd 2012 | Mortgage
Most lenders perform background check and credit check to determine in the event the borrower can ac...
Unique Methods with San Diego Lenders
Published by Frank Joseph on August 23rd 2012 | Mortgage
San Diego lenders can supply with buyers distinctive alternatives. They will even customize them to ...
Tips and Hints in Getting Loans in San Diego
Published by Frank Joseph on August 23rd 2012 | Mortgage
Quite a few people today have located remedy to their economic troubles by means of loans in San Die...
Mortgage Loan Firms GA: Delivering a Quicker Route to Home Acquisition
Published by Avrilcopperfield on August 17th 2012 | Mortgage
Although it may take some months or years to save up money for a brand-new auto in Georgia, it's sti...
Survey shows new financial policies still unknown to Canadians
Published by Reyan Hunt on August 13th 2012 | Mortgage
Mortgage rules in Canada have changed but it is not known to half of the Canadians. This report was ...
Great structural design and implementation in the home building front
Published by Rkweb on August 8th 2012 | Mortgage
A whole lot of construction work is needed when you go for building a mega structure, be it a home o...