Could the Home Affordable Refianance Program (HARP) (which is scheduled to expire in June) be a good solution for folks trapped in a high interest mortgage?
HARP is a component of the Make Home Affordable Plan, the fed's bailout for homeowners, which few were able to get through the process with their lenders on the other components. However this under utilized component. If you loan is guaranteed by Fannie Mae or Freddie Mac, you have an opportunity to refinance! (see tools below)
HARP Guidelines state:
- You must have a Fannie or Freddie loan
- You haven't been late more than 30 days late on your mortgage payments in the last 12 months
- Your mortgage loan amount does not exceed your current value property by more than 125%
It is a fixed rate mortgage with prevailing low interest rate!
Tools: www.fanniemae.com/loan/lookup 1-800-7FANNIE
www.Freddiemac.com/mymortgage.com or 1-800-FREDDIE
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