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HARP Refinances - For Borrowers Who Have Equity In Their Homes
 
In recent weeks, we have focused on the HARP refinance program as a refinance tool for homeowners who are upside down on their homes. And it is in fact a great program for borrowers who are upside down to refinance and take advantage of today’s historically low interest rates. However, for homeowners who are not upside down on their homes, the HARP program also can offer benefits as well.
 
 
 
Benefit #1- Appraisal Waivers: Traditionally, when refinancing a conventional loan, you needed to have an appraisal done on your home. In today’s market, this is an added expense and hassle in the refinance process and often times the numbers on appraisals are very conservative. Even if you have equity in your home, a HARP refinance can allow you to refinance and potentially receive an appraisal waiver, lowering the total cost to refinance and providing a quicker and easier process.
 
 
 
Benefit #2 – No Mortgage Insurance: On a conventional home loan refinance, if you owe more than 80% of the value of your home on a first mortgage, then you have to obtain mortgage insurance on your home loan. For many homeowners who at one point, ... more

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