Upside Down on Your Home in Rancho Cucamoga?! There's hope!

Talking Interest Rates! I constantly receive cals day in and day out, with folks asking me about refinancing into a fixed mortgage. As well all know, there are many borrowers out there, who are willing to stick it out and stay in their home, even though they owe more than the home is worth. The Home Affordable Refinance Program (HARP) was developed just for that reason. The program runs through June 30, 2011. How does HARP help? The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates. It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. If you own in Rancho Cucamonga, Fontana, Upland, Ontario, or Claremont, and your interest rate is higher than the current available interest rates, you may be in line for a reduced fixed rate. However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment. Unfortunately, not all will qualify...those include homeowners who are: paying interest only, have a low introductory rate that will increase in the future, face a balloon payment If you are one of these homeowners, you should still consider refinancing because it could save you a great deal of money by reducing the amount of interest you pay over the life of your mortgage. Who qualifies for HARP? You may qualify if: You own and live in your home, the loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac, when you apply, you are current on your mortgage payments, the amount you owe on your mortgage does not exceed 125% of the current market value of your property, you’re able to pay the new mortgage payments, or the refinance improves your ability to pay your mortgage long term. Once again, let's sit down with a mortgage professional, qualified and experienced with the HARP Program. Him/her will breakdown your scenario and advise further!