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Home Affordable Refinance Program (HARP): Fannie Mae #monthly #mortgage #calculator


#harp loan program
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Home Affordable Refinance Program (HARP)

The government’s Home Affordable Refinance Program (HARP) has been expanded to help more homeowners qualify for refinancing their mortgage. Even those with little or no equity available may take advantage of low interest rates, and other refinancing benefits.

“Whether you’re looking to refinance a property you live in, or an investment property, find out if you qualify for this amazing program.”

What is HARP?

HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2016.

HARP may be an option if:

  • You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
  • Your home is your primary residence, 2nd home or investment property.
  • Your home value has decreased.
  • You have limited equity or your first mortgage exceeds the current market value of the home (i.e. your loan-to-value ratio must be 80% to be eligible).
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
  • Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).

Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov or visit the Fannie Mae Loan Lookup tool.

Top reasons to refinance with HARP

  • Lower your monthly payment
  • Reduce your interest rate
  • Get a fixed-rate mortgage that won’t change over time
  • Build equity faster—shorter term options may be available
  • Save time and money with usually no appraisal required

Next steps

Gather your financial information —Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:

  • your mortgage statements, including information on a second mortgage (if applicable);
  • your other monthly debt payments (e.g. car or student loans, credit card payments); and
  • your income details (paystubs and income tax returns).

It’s important to act quickly. As soon as you think you may have trouble making your mortgage payments or you think you want to refinance, contact your mortgage company to see if you are eligible for this option. If you need further assistance (before or after contacting your mortgage company), contact a Housing Counselor. Homeowners with a Fannie Mae-owned loan should contact one of our Fannie Mae Mortgage Help Network partners. English and Spanish advisors are available, and all services offered by the Fannie Mae Mortgage Help Network are FREE.

Frequently asked questions about the Home Affordable Refinance Program (HARP)

HARP is the Refinancing Solution You Need

1. What is HARP?

HARP stands for the Home Affordable Refinance Program. It was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009 as part of the federal government’s Making Home Affordable™ program. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. The program was enhanced in 2011 to allow more eligible homeowners to refinance.

2. What does it mean to “refinance” my mortgage?

3. What enhancements were made to HARP that may make me eligible now?

4. What if I have an adjustable-rate mortgage (ARM)?

5. Is HARP the only refinance program available?

6. How can I find out whether my loan is owned by Fannie Mae or Freddie Mac?

7. How does the HARP refinance process work?


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2. Help to Buy: equity loans

Equity loans are open to both first-time buyers and home movers on new-build homes in England with a purchase price up to £600,000.

You won’t be able to sub-let your home if you use this scheme. It must also be your only property.

How it works

Equity loan fees

You won’t be charged loan fees for the first 5 years of owning your home.

In the sixth year, you’ll be charged a fee of 1.75% of the loan’s value. After this, the fee will increase every year. The increase is worked out by using the Retail Prices Index plus 1%.

Your Help to Buy agent will contact you before the fees start, to set up monthly payments with your bank. You’ll also be sent a statement about your loan each year.

Fees don’t count towards paying back the equity loan.

Applying for an equity loan

Contact the Help to Buy agent in the area where you want to live if you’d like to buy a home with an equity loan.

You must buy your home from a registered Help to Buy builder. Your Help to Buy agent should have a list of registered builders for you to choose from.

Selling your home and paying back the loan

You must pay back the loan after 25 years or when you sell your home – whichever is earliest. How much you pay back will depend on the market value at that time.


No Fee Refinance – Affordable Refinancing with No Fees #home #loans #calculator


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No Fee Refinance

Affordable Refinancing with No Fees

We provide a unique program for borrowers to refinance with no fees from mortgage lenders and 3rd party companies involved in the loan transaction. BD Nationwide provides several options to refinance with no lender fees. If you can get a 3.25% fixed rate on a thirty-year loan with a no cost refinance mortgage, you should because this is the only time in the last sixty years in which this was possible. We offer discounted loans to qualified applicants in all 50 states. If you have good credit and meet the program requirements there is no reason why you shouldn’t qualify for a great no fee refinance. Having the opportunity to refinance with no lender fees or costs certainly can empower the borrower. We suggest that when you shop for loans online to compare the rates, terms and costs of a mortgage before making a commitment. Compare quotes by reviewing disclosures that include the “Good Faith Estimate” and the Federal Truth in Lending Statement as well.

Refinance with No Closing Costs or Fees with Fixed Interest Rates on Home Loans Starting at 3% with No Obligation

Have you compared lenders that offer home refinancing with no fees? Many of our clients have saved thousands of dollars with our no free refinancing options. Ask your loan officer about our no fee refinancing programs that are available with record low interest rates as well.


HARP Loan – Refinance Program: Making Home Affordable #calculate #interest #on #loan


#harp loan program
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Click To See Today’s Rates

Posted October 20, 2015

As Seen On

Harp Refinance Program Making Home Affordable

Editor’s Note: This information is accurate and current as of today, November 18, 2015. This HARP loan post reflects the current standards for HARP 2.0, and contains information about HARP 3.

What Is The HARP Loan?

The Home Affordable Refinance Program (HARP) is a U.S. government-backed mortgage program for homeowners whose homes have lost value since purchase. The HARP program was first launched in early-2009 as part of the Making Home Affordable initiative.

Since its inception, HARP has helped more than 3.3 million U.S. homeowners refinance to today’s low mortgage rates.

The government revamped HARP in 2011 to help reach an even broader set of U.S. homeowners. Dubbed “HARP 2.0”, the program’s new guidelines made qualifying for the program more simple and, for many, waived the need for a home appraisal as part of a refinance.

The eligibility requirements of the Home Affordable Refinance Program (HARP) are relaxed as compared to a traditional refinance.

Homeowners using the HARP program must have a mortgage currently backed by Fannie Mae or Freddie Mac, and that mortgage must have started no later than May 31, 2009.

The majority of U.S. mortgages are backed by Fannie Mae or Freddie Mac.

Note that your loan may have been securitized by Fannie Mae or Freddie Mac even though you send your mortgage payments to a specific mortgage lender. Homeowners whose mortgages pre-date May 31, 2009 are likely to be HARP-eligible.

The Home Affordable Refinance Program is available in all 50 states, and in the District of Columbia. Closing times are quick and mortgage rates are low.

The government will not accept new HARP applications after December 31, 2016.

HARP Becomes HARP 2.0 (And Maybe HARP 3)

The Home Affordable Refinance Program launched in March 2009 as part of the government’s broader Making Home Affordable program. Home values had been falling at the time and so were current mortgage rates .

Additionally, the economy was entering recession.

The government devised HARP as a way to help U.S. homeowners and the U.S. economy.

By helping homeowners to get access to lower mortgage rates, the “Obama Refi” meant to save homeowners $3,000 annually; money which could be then spent on goods and services to propel the economy ahead.

As mortgage rates fell, though, those estimates were proved low.

For many households, annual savings were greater than three thousand dollars per year. That is, for household which were actually HARP-eligible.

HARP had been touted as a program which could help up to 7 million U.S. households. However, after the program’s first three years, HARP had failed to reach even one  million people.

This is when the government embarked on a major HARP overhaul and, in late-2011, HARP 2.0 was re-released  with two major changes.

HARP’s first major change was to allow loans with unlimited loan-to-value (LTV) .

Prior to HARP 2, refinance loans had been limited to 125% loan-to-value. After its release, homeowners in hard-hit states such as California, Florida, and Arizona were able to get access to the Home Affordable Refinance Program.

HARP 2 also expanded the number of lenders with which a homeowner could refinance, making it easier for homeowners to comparison shop for low, competitive rates.

HARP 2 was a hit.

Within 12 months, a second million loans had closed and, because mortgage rates were dropping to multi-year lows, the typical HARP household was now saving upwards of 30% annually.

Today, HARP closings are slowing.

2015’s second quarter saw the fewest closed HARP loans since the program first launched which may suggest that the program is reaching its useful end.

However, earlier this year, the government extended the Home Affordable Refinance Program’s expiration date by one year which, some believe, may be a precursor to a third iteration of the HARP refinance program.

HARP 3 could help homeowners whose loans are outside the program’s current scope.

Potential HARP 3 changes could include a waiver for non-Fannie Mae and non-Freddie Mac mortgage; a change in the program start date to 2010 or 2011; and an allowance to “re-HARP” an existing HARP loan.

There’s no timetable for a passage of HARP 3. It may never come to pass at all.

HARP Loan Eligibility Requirements

For homeowners meeting HARP loan program’s eligibility requirements, getting approved for a HARP loan is relatively straight-forward.

Paperwork requirements are often less than with a traditional mortgage refinance and, in many cases, home appraisals are not required.

To qualify for HARP, homeowners must be able to answer “yes” to the following three questions :

  1. Does your home have less than 20% equity?
  2. Have you paid your mortgage on-time for the last 6 months?
  3. Did your loan start on, or before, May 31, 2009?

The fourth requirement is that your current mortgage must be secured by Fannie Mae or Freddie Mac, which many loans are.

Because there is no loan-to-value restriction on a HARP loan, home appraisals are rarely required with HARP but there are other program notes worth knowing, too.

As one example, you can use HARP to refinance a mortgage when your home has a second mortgage, too. However, HARP will not allow you to combine the two mortgages on your approval; or, take cash-out at the time of closing.

HARP is for first mortgages only.

Another program note is that HARP can be used on loans with existing private mortgage insurance (PMI).

HARP allows for all types of private mortgage insurance including borrower-paid mortgage insurance (BPMI), lender-paid mortgage insurance (LPMI), and single-premium mortgage insurance.

Your mortgage insurance coverage will neither increase nor decrease via the Home Affordable Refinance Program.

Lastly, don’t be discouraged if your first HARP loan application gets declined. It makes sense to apply again. This is because U.S. lenders rarely offer HARP to consumers in the exact way the program’s provided.

Many enforce additional qualification standards on HARP mortgage applicants, a underwriting process known as an “investor overlay “.

Some lenders will enforce a minimum FICO score for applicants; others may require additional income verifications. Therefore, if at first your loan is declined, it can be wise to apply again.

Homeowners wishing to use the HARP loan program should plan to act quickly, though. The program will cease to be available after December 31, 2016 .

What Are Today’s Mortgage Rates?

For U.S. homeowners whose homes have lost value since purchase, the government’s Home Affordable Refinance Program is an excellent way to capitalize on low mortgage rates today. The typical HARP homeowner saves much more than $3,000 annually.

Get today’s live mortgage rates now. Rates are available with no social security number required to get started and all quotes come with instant access to your “mortgage credit scores”.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.


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Your instant term life insurance quote

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Haven Term is issued by MassMutual, an MassMutual issues the Haven Term policy and is A++ rated by A.M. Best. Financial Strength Ratings are provided by A.M. Best, an independent source. The ratings are like letter grades that represent the level of financial stability of a company and its ability to meet its financial obligations. The better the rating, the less likely the company will run into trouble paying claims. rated life insurer.

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  • Receive an immediate decision, and, if approved, start coverage today
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  • What you’ll need to provide in the application process

    • Financial information, like your salary and net worth
    • Personal and family health information, including your height, weight and recent medical history
    • Occupation and lifestyle information
    • Social Security Number and active driver’s license
    • Contact information for your primary care physician, if you have it
    • Names of your beneficiaries, along with their phone numbers, dates of birth and addresses (you can always change this at a later time)

    Why life insurance is part of a holistic financial plan

    Life insurance offers a responsible way to care for the people who depend on you financially. Should the unexpected occur (and we certainly hope it doesn’t), a life insurance policy provides a necessary financial cushion to help pay the mortgage, cover child care, put the kids through college and cover any other expenses that may come up along the way.

    It’s important to have a backup plan, and life insurance can provide that.

    Who needs life insurance?

    Life insurance becomes necessary when your thinking goes from “me” to “we.”

    This typically occurs when you get married, have a child or even have cosigned debts that someone else may rely on you to pay off.

    You probably need life insurance if you:

    • Have kids or will soon have them
    • Are married or are in a committed relationship with shared financial obligations
    • Have debts, such as a mortgage, cosigned school loans or medical expenses, and not enough assets to cover them
    • Are a stay-at-home mom or dad
    • Don’t have enough savings to cover burial and final expenses
    • Want to leave a financial legacy to your loved ones

    You probably don’t need life insurance if you:

    • Are single and have no kids or financial dependents
    • Don’t have cosigned debts that your family will need to pay off

    If you’re still not sure if you need a life insurance policy, a good place to start is by using an online life insurance calculator to assess your needs.

    The earlier, the better

    Life insurance is most affordable when you’re young and healthy. As you get older, insurance premiums increase.

    For example, a 20-year, $500,000 Haven Term policy for a healthy 35-year-old woman is $18.50 per month.

    That same policy for a healthy 40-year-old woman increases to $25.58 per month.

    If you know you need affordable life insurance, the time to act is now.

    **MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of February 15, 2017 and is subject to change. MassMutual has received other ratings from different rating agencies.


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    When Can You Claim a Tax Deduction for Health Insurance?

    Each year, June 28 marks National Insurance Awareness Day, serving as a reminder that it’s a good time to review your insurance coverage and ensure that it still fits your needs.

    This is particularly true for health insurance and making sure you have the right amount of coverage at an affordable cost.

    Health insurance can be expensive, so being able to claim a tax deduction for some of your insurance costs can help you save come tax time.

    Since there are specific rules and qualifications you must follow, here’s an overview of when you can and cannot claim a tax deduction on your health insurance.

    When health insurance is not tax-deductible

    If you didn’t pay for health insurance, you can’t take a tax deduction for it. If your employer pays your health insurance premiums, you can’t deduct those costs. However, if an employer only pays for part of your premiums, you still may be able to claim a tax deduction for the portion you paid.

    If you received a subsidy or premium tax credit to purchase an insurance plan in the Health Insurance Marketplace through the Affordable Care Act, any advanced-payment subsidy that lowered the cost of your health insurance premiums cannot be claimed as a tax deduction. However, the money you paid out of your own pocket for your premiums might be tax deductible.

    You can’t take a deduction for health insurance you paid for with pre-tax money. If you have insurance through your employer, the premiums you pay are usually taken out of your paycheck before your income taxes are calculated. Since these premiums are paid with pre-tax dollars, they’re already income-tax-free, meaning you can’t claim them as a tax deduction.

    Also note, you can not deduct health insurance unless you itemize your tax deductions or you are self-employed. You don t need to know if you qualify for itemized tax deductions, TurboTax will figure it out for you.

    When health insurance is tax-deductible

    If you’re self-employed, your health insurance premiums may be tax deductible. If you’re self-employed and not eligible for an employer-sponsored health plan through a spouse’s job, you may be eligible to write-off your health insurance premiums on your taxes. However, you can’t write off more in health insurance premiums than you earned.

    Health insurance premiums paid with your own after-tax dollars are tax deductible. For example, if you purchased health insurance on your own through a health insurance exchange or directly from an insurance company, the money you paid toward your monthly premiums can be taken as a tax deduction.

    Some Medicare plans are tax deductible. This includes Medicare Part B and Part D prescription coverage.

    There are limits to the amount of your health insurance you can deduct. If you are able to write-off your health insurance, there are limits to how much of your premiums you can write off.

    If you’re able to claim your health insurance as a medical expense deduction. you can only deduct medical expenses that exceed 10% of your adjusted gross income (7.5% if you’re 65 or older). If you’re self-employed and claimed the self-employed health insurance deduction, you don’t have to exceed the 10% threshold because you’re writing the premiums off as an adjustment to your self-employment income rather than as a tax deduction deduction.

    As with all tax laws, TurboTax is up-to-date with the latest tax law changes. If you have more questions about the Affordable Care Act and how it impacts you and your taxes, you can get answers from TurboTax Health .

    Post navigation


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    Affordable & Appropriate Same Day Dental Implant Care

    Dental Implant Treatment Is Available At Our Offices Located in Downey, Long Beach, Torrance, Westlake Village, and Fallbrook Ca.

    We have created this web site to help you learn about dental implant care and dental implant cost and the relationship between the two. We will address dental implant costs and analyze in detail those of ourselves and others. We have also provided an extensive discussion about differences between affordable and expensive dental implants.

    We believe every citizen has a moral duty to try to produce a service or product that will improve the quality of life for their fellow citizens. Whether you are an unskilled laborer or a brain surgeon, the opportunity to exercise this moral imperative is always present.

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    Affordable Loans from DATCU Credit Union, Denton Texas Loans #debt #relief


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    Personal Loans

    You have clicked a link and are being redirected to a third-party site that is a preferred provider of DATCU Credit Union.

    DATCU is more than just great car and mortgage loans. Whatever your needs, there is sure to be an affordable lending solution at your Credit Union.

    Line of Credit

    Many members set up a Line of Credit as overdraft protection for their checking account. You may also consider using this type of financing for a vacation, unexpected expenses, or various other needs. This is a revolving credit agreement that allows you to access funds as you need them, up to your approved limit.

    Signature / Personal Loan

    This loan provides a one-time lump sum disbursement with equal monthly payments over a set period of time.

    Savings Secured Loans

    Your Share Savings or Share Certificate account at DATCU may be used as collateral for a loan. It s a low cost and excellent way to establish credit as your savings continue to earn dividends.

    To complete a loan application, please click the following link to be directed to our secure server.