HARPING ON HARP REFINANCES
Our beloved government did several things to help housing recover from the collapse... Yes, it is possible they can do something well for us. One of the best things they did was the Home Affordable Refinance Program. (I know, wouldn't affordable home refinance be a better name for it, but it's our government, what do you expect?)
As I said I really am harping because I wrote a blog about how HARPS are still a good deal back in May of this year. I love this product.
What is a HARP loan? If your loan is owned by Fannie Mae or Freddie Mac a HARP refinance is available to those who credit qualify.
HARP was designed to help those who are underwater in their homes. One benefit of the program is often appraisals are waived. Another, if one does not have PMI insurance then they will not get PMI insurance on a HARP refinance. And, guess what, some loans qualify to drop PMI insurance with a HARP refinance.
Anyone who has not refinanced in this low interest rate market should check out their options under a HARP refinance. Not all loans are purchased by Fannie Mae or Freddie Mac, but many are. Don't confuse the owner of your mortgage with the servicer. Fannie and Freddie own many mortgages, BUT the loans are SERVICED by a different lender.
Need help determining if your Kentucky home qualifies for a HARP refinance? I can clear that up real quick.
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