The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development today announced an extension of the Obama Administration’s Making Home Affordable Program.
If you are current on your mortgage with or without equity then you are eligible for this program. As the government continues to purchase mortgage backed securities, rates continue to fall and are at record lows.
The Obama Administration’s Home Affordable Refinance Program (HARP program) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.
If you are current on your mortgage, with or without equity, then you are eligible for this program.
As the government continues to purchase mortgage backed securities, rates continue to fall and are at record lows.
The HARP program allows you take advantage of current market rates even if you are “underwater”.
Act now to take advantage of the Home Affordable Refinance Program, and lower your monthly payment or term using the Fannie Mae/Freddie Mac Streamline process.
Homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.
The objective of a refinance under HARP is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.
Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Homeowners who are paying interest only, who have a low introductory rate that will increase in the future, or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners, however, could save a great deal of money by reducing the amount of interest you pay over the life of the loan.
The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans.
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