25 Jul Safe and Secure HARP Streamline Refinance Rates
The helpful initiative taken from the side of Federal Housing Financial Agency, USA to financially support the underwater homeowners was the formation of Home Affordable Refinance Program (HARP). The two important organizations associated with HARP mortgage refinance are the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). Here the homeowners active on their regular mortgage payments are backed by this financial program.
There are some criteria imposed by the US Federal Housing Financial Agency in order to apply for HARP. The authorization and approval of Fannie Mae and Freddie Mac are the first qualifying point to avail the same. Also there should not have any previous application made for availing this mortgage refinance. Regarding the start date of your loan, it should ensure that it was started before 1st June 2009. The loan-to-value ratio of the property must be above 80% according to the parameters. While applying the refinance, you should not be made any single monthly shortage of payment in the last 12 consecutive months. This shows your credit worthiness and the reliability to apply for the HARP streamline refinance to approve your eligibility.
In the case of HARP, there will not be any mortgage replacement measures possible for the homeowners to avail any usual mortgage refinances. The attempt to think of a short sale can be a huge mistake to experience the losses. Unlike other loans, here is no certain limit on the loan amount which enables the homeowner to decide his refinance value and structure. The interest rate varies according to the loan amount positively in order to cover the risk factor and the tenure of loan varies from 10 to 30 years normally. But here the Home Affordable Refinance Program Rates has got a ceiling at a particular level which is comparatively the lowest range than the other mortgages. In the case of couples who are in the edge of legal separation, the flexibility to change the borrower from husband to wife or vice versa can be done while availing the HARP refinance. The necessary information on the job and your earnings should be officially handed over to the authority.
It is a wise thinking to choose an optimum refinance loan amount in order to avoid much lengthy interest paying period and long run financial burdens. The future income addition can be a useful option for you if you are able to avoid paying higher interests & longer monthly installments. Easy HARP Refinance is an authorized professional lender dealing in the Home Affordable Refinance Program Refinance with a reasonable market rates. You may be assisted by them on the current mortgage rates by requesting for a free quote on their website. Lead your future to a safe and secure way.
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