What is the Home Affordable Refinance Program (HARP)?
Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment.
However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program - also referred to as HARP 2.0 - will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent. The refinance loan has a NO APPRAISAL option.
Ask this question "What could you do with $500 a month?" The average interest rate reduction in Q4 2012 was 2.00% for those using HARP and keeping a 30 Year Fixed Rate. On a $300,000 loan, this equates to an interest savings of approximately $6,000 over the next 12 months.
How do I know if I am eligible for HARP?
You can find out if you are eligible for HARP by clicking on this link
http://www.wmcharp.com/ or by contacting me at the information below.
See if you can benefit and how much you can save.
Myke LaVenture (NMLS #282849)is an active loan officer with Waterstone Mortgage in Woodbury. Email Myke at mlaventure@waterstonemortgage.com, call at 651.338.4377 or click to get a free, no-obligation rate quote You can also find Myke on Twitter and Facebook
