I am going to interview myself on HARP and find out the answers America want to know. Underwater on your conventional mortgage? You may be able to refinance without paying down your mortgage and or mortgage insurance. HARP is Home Affordable Refinance Program. Your loan must be owned by Fannie Mae or Freddie Mac and have a securitization date prior to June 1 2009. If you have questions about HARP please contact me.
How do I find out if Fannie Mae or Freddie Mac has my mortgage? Check the Fannie Mae web site here. Check the Freddie Mac web site here.
If my loan is not on either list what do I do? Call your existing mortgage servicer and ask them who owns your loan. If it is not Fannie or Freddie then ask them if they have a refinance program for those loans that are not HARP eligible.
If you loan is owned by Fannie or Freddie then contact the lender of your choice and start the refinance process.
Can I use HARP with any lender I want? Yes you can as long as that lender offers the HARP program.
If I make my payments to a lender that doesn't do loans do I still qualify for HARP. Yes just find a lender that offers the program.
If I have a Jumbo mortgage can I use HARP? No. Your loan must show on the Fannie or Freddie look-up. But wait, HARP 3.0 if enacted might include a provision for you.
If I have an Alternative A mortgage, can I use HARP? No. Your loan must show on the Fannie or Freddie look-up. But wait, HARP 3.0 if enacted might include a provision for you.
What about ARM's, Balloon's, and Interest Only? Check the site and see if Fannie or Freddie owns your loan.
Stay tuned for part 2 tomorrow.
According to NASA the world is not going to end next month.
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