22 Mar HARP in a Nutshell
Home Affordable Refinance Program or HARP is probably one of the best solutions for people who are looking to get a stable mortgage or home loan. However, people who are supposed to benefit from this program often fail to apply for it and are unable to get the help that they need. This may be because they just don’t know enough about it to realize the benefits they can gain from it.
Every homeowner should get educated about HARP just in case the need for it arises. Here are a few things you need to know about it:
1. Eligibility. In order to avail of the HARP, you should have a mortgage that is guaranteed, owned, or sold to Fannie Mae or Freddie Mac, and the transactions should be on or before May 31, 2009. The loan to value ratio of the mortgage should be more than 80%. Disqualification may be enforced for previously refinanced mortgage and if there are any missed mortgage payments in the past 12 months.
2. How to avail. The first step generally requires the borrowers to identify whether either Fannie Mae or Freddie Mac owns the property. The next step is to find lenders that are offering HARP refinancing. Usually they do a series of checks on your payment activities and on the properties in order to give an acceptable quote for the final mortgage rates.
3. Where to Apply. Not all lenders offer HARP for their customers. It helps to ask from Fannie Mae or Freddie Mac which mortgage lenders do offer HARP.
4. How to make a decision. Compare rates before making any decision on which lender to go to. Lenders usually help determine your eligibility for that program and at the same time give you free Seattle HARP Mortgage Rates quotes. This will come handy if you are looking for the best rates for your mortgage that you can afford.
5. Where to look for more information. Useful sites about HARP Refinance Program Seattle are one of the best sources to check for all your inquiries regarding HARP. There are sites that are purely informational and there are those that are owned by lenders who offer not only information but their services as well.
It is important to know everything about HARP before you avail of its benefits.
You should not be stressed because of the crisis you are in. Instead, invest your energy in finding a solution for it. Get informed so you know how best to deal with your situation. If you think you will greatly benefit from getting a HARP refinanced mortgage, then you should go ahead and start doing your research by asking people who have all the right answers.
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