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Streamline Refinance Program to Replace HARP, harp loan program.#Harp #loan #program


Streamline Refinance Program to Replace HARP

Homeowners with a high loan-to-value or who are underwater and owe more on their mortgage than their home is worth will have a new refinance option in October 2017. While the details are preliminary, Fannie Mae’s High Loan-to-Value Refinance Option and Freddie Mac’s Enhanced Relief Refinance are set to replace the existing Home Affordable Refinance Program (HARP) when it ends next year. More than 3.4 million homeowners have refinanced with HARP since the program was introduced, according to the Federal Housing Finance Agency, which says another 300,000 homeowners are eligible for HARP now.

Note: On August 17, 2017, the FHFA extended the HARP program for another 15 months, and it will now expire on December 31, 2018. This Streamline Refinance program will run concurrently.

“We wanted to make sure that when HARP expires there would be a program in place to help people who have less than five percent equity and can’t qualify for a standard refinance,” says Alan Hitchcock, director of product development for Freddie Mac in Washington, D.C.

According to CoreLogic , a global provider of property data, approximately 3.6 million households were underwater on their mortgages in the second quarter of 2016, which represents 7.1 percent of all homes with a mortgage. In addition, another 965,000 homeowners (1.9 percent of all homes with a mortgage) have less than five percent in home equity, which typically prevents them from qualifying for a refinance.

“While it’s not clear that the universe of people who will take advantage of this program is that large, the principal is that allowing people to refinance can keep them in their homes and prevent a foreclosure,” A.W. Pickel, president of the Midwestern division of AmCap Mortgage in Kansas City, Mo. “It can help in some markets where people haven’t experienced the property appreciation of other markets, so they are still at a high loan-to-value and have a mortgage with a higher interest rate.”

Hitchcock says that borrowers who have little home equity are at risk from one unpredictable event, such as an illness or a job loss, when they can’t refinance.

“This program should make it easier for borrowers stay in their homes and to stay current on their mortgage payments,” he says.

Streamline refinance program differs from HARP

The biggest change of the new streamline refinance programs is that they don’t have an expiration date, says Keith Gumbinger, vice president of HSH.com.

“It should be a comfort to borrowers who are exposed to the vagaries of the market that they are protected from future downturns, especially if they bought a home at the height of the market,” says Gumbinger.

Hitchcock says that the new streamline refinance is meant to be a “forever program” to help homeowners in all kinds of market cycles.

A second difference between the new programs and HARP is that there is no requirement for a particular start date for the loan you are refinancing.

“HARP was limited to borrowers who had taken out their loan before June 1, 2009, and this is for anyone with an underwater loan regardless of when they took it out,” says Gumbinger.

Pickel says that another difference from HARP and a benefit to borrowers is that they can use the new refinance programs more than once. However, borrowers cannot refinance a loan they refinanced under HARP with this new program.

Refinance program requirements

Similar to HARP, borrowers must benefit from the refinance in at least one way to qualify for the program, such as:

  • A lower monthly principal and interest payment
  • A lower interest rate
  • A shorter loan term
  • A more stable mortgage, such as switching from an adjustable rate mortgage to a fixed-rate loan

Additionally, borrowers must be current on their mortgage payments with no 30-day delinquencies in the most recent six months and no more than one 30-day delinquency in the past 12 months. Only existing Fannie Mae loans can be refinanced into a new Fannie Mae loan. That rule is the same for Freddie Mac loans.

“We also have a loan-to-value minimum that varies according to whether the borrowers own one or more units in their residence,” says Hitchcock. “For a one-unit residence, the minimum loan-to-value would be 95.01 percent or higher. If they have five percent or more in equity the borrowers will have to use a different refinance program.”

Similar to HARP, the streamline refinance programs do not have a minimum credit score requirement, a maximum debt-to-income ratio or a maximum loan-to-value and an appraisal won’t be required, says Hitchcock.

“There are borrowers out there who still have mortgages with interest rates in the five or six percent range who could benefit from this program,” says Gumbinger. “And it could help people if there’s another economic downturn because they could refinance into another 30-year loan to extend their repayment period. Their loan balance would be lower, too, depending on how long they have owned their home.”

Gumbinger says this is a niche program aimed at markets that may never recover completely from the housing crisis, such as Las Vegas, but it also provides support for homeowners in case of problems in the future.

“This is a good program that gives people who are making their mortgage payments an opportunity to lower their housing costs,” says Gumbinger.



Home Affordable Refinance Program (HARP): Fannie Mae, harp loan program.#Harp #loan #program


Home Affordable Refinance Program (HARP)

– Ruben of Springfield, VA, saved $763 per month. Read the Full Story »

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, 2018.

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

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs.

Harp loan program

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).

Harp loan program

Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in refinancing and you want to see if you qualify for HARP.

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

HARP has been expanded to help more homeowners qualify for refinancing their mortgage—even those with little or no equity. With HARP you may take advantage of low interest rates and other refinancing benefits even if the value of your home has declined and you owe more than your home is worth. The questions and answers below will help you better understand how this program works.

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.

Making Home Affordable is a trademark of the United States Department of the Treasury.

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

When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.

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

There were 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.

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

HARP allows you to replace your adjustable-rate mortgage to a more stable fixed-rate mortgage. Refinancing may provide you with a lower monthly payment and allow you to avoid the sometimes large payment increase that comes once your ARM’s initial rate ends as the rate may increase over time. The stability of a fixed monthly payment will give you security in knowing what your principal and interest payment will be every month.

5. Is HARP the only refinance program available?

HARP is one of several refinancing options available to eligible homeowners. But 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.

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

Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

7. How does the HARP refinance process work?

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP Lender will work with you through every step, and will help determine if HARP meets your specific needs. Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in Refinancing and you want to see if you qualify for HARP.

8. What if I have been turned down for refinancing before?

The guidelines for HARP may have changed since you last applied, so you may qualify.

9. Will I have to pay closing costs?

Maybe, but closing costs vary by state and size of your loan. Closing costs might be rolled into your new loan so you wouldn’t have to pay these costs out of pocket at closing. Check with a HARP lender to learn more.

10. Is it worth refinancing with HARP?

On average, homeowners are saving over $250* per month on their mortgage payments.

*Average actual monthly payment savings based on total 2012 Fannie Mae HARP mortgage volume. Your monthly savings may vary based on the specific terms of the loan selected, the interest rate, APR and other factors. All loans are subject to credit approval. Contact a HARP lender for details.

11. What if my income is low? Or my income has decreased?

In most cases, it doesn’t matter. You still may qualify.

12. Do I need a new appraisal?

In most cases, no. With HARP, an appraisal is not generally required, so you save time and money.

13. If I owe more on my home than it’s worth, will I have to make a down payment before I can refinance?

No. You do not need to pay more money down on your mortgage in order to refinance with HARP.

14. Do I have to refinance for another 30 years?

No. Shorter loan terms (15-years and 20-years) may be available so you can start paying down your mortgage quicker and building equity faster.

If the new loan is secured by your primary residence and the unpaid principal balance exceeds the property’s fair market value, the interest on the portion of the unpaid principal balance that is greater than the fair market value of your primary residence is not deductible for federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites: knowyouroptions.com/loanlookup or freddiemac.com/mymortgage.

What homeowners are saying about HARP.

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

– Ruben of Springfield, VA, saved $763 per month. Read the full story »



Harp loan program, harp loan program.#Harp #loan #program


Questions and Answers

Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. It is possible that the owner of your mortgage also services it, however many loans are owned by groups of investors and these investors hire loan servicers to interact with homeowners on their behalf. Many lenders also have the loan servicers handle all contact with homeowners.

You may be eligible if:

  1. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac
  2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  4. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
  5. You have a reasonable ability to pay the new mortgage payments.
  6. The refinance improves the long term affordability or stability of your loan.

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP , as other qualifying criteria must also be met.

For Freddie Mac:

HARP is like any other mortgage where you may be required to pay certain costs for the application, processing, appraisal, title search and other necessary items to complete your refinance.

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There is no longer a maximum LTV limit for borrower eligibility. If the borrower refinances under HARP and their new loan has a fixed rate mortgage, there is no maximum LTV. If the borrower refinances under HARP and their new loan is an adjustable rate mortgage, their LTV may not be over 105%.

It’s as simple as clicking HERE. A HARP specialist will analyze the data as well as direct or guide you to all the benefits HARP has to offer. www.harpprogram.org has moments of higher than average volume. Please be patient and you will be helped as soon as possible. It will also speed up the process if you have the necessary documents ready for the HARP specialist. Generally, you will need the following:

  1. Your most recent income tax return
  2. Information about any junior lien mortgage on the house
  3. Account balances and minimum monthly payments due on all of your credit cards
  4. Account balances and monthly payments on all your other debts

No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.

The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.

Yes, there is no longer a maximum LTV limit for borrower eligibility. Homeowners with more than one mortgage may be eligible for a refinance under HARP . Your eligibility will depend, in part, on two additional requirements:

  1. The lender that has your junior lien mortgage must agree to remain in a junior lien position.
  2. You must be able to demonstrate your ability to meet the new payment terms on the first lien mortgage.

No. Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.

Borrowers who owe more on their mortgages than their homes are worth may be locked into their homes for years and have fewer financial options until they pay down the loan balance. A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. The lower interest rate may provide borrowers the opportunity to shorten the term of their mortgages without much change in their monthly payments, and perhaps even a reduction in that payment. Such an outcome may strengthen the borrower’s financial condition and lower the credit risk for the servicer/lender that owns or guarantees the loan. A few examples illustrate how this works:

  1. Assume a homeowner currently has a mortgage on which he or she owes $200,000 and has an interest rate of 6.5 percent – a monthly payment of $1264. If the house is worth $160,000, the homeowner has a current loan-to-value (LTV) ratio of 125 percent.
  2. If this borrower refinanced into a 30-year fixed-rate mortgage with an interest rate of 4.5 percent, the monthly payment would decline to $1013. But, by refinancing into a 30-year loan, the borrower’s loan balance will not reach $160,000 for ten full years.
  3. If the borrower chose a 20-year loan term at a rate of 4.25 percent (mortgage rates tend to be less for shorter term mortgages), the monthly payment would be $1238 ($26 less than the borrower currently pays) and the borrower’s loan balance would reach $160,000 in five-and-one-half years.
  4. If this same borrower refinanced into a 15 year mortgage, assuming an interest rate of 3.75 percent, the monthly payment would be $1454 ($190 more than the current payment), but the loan balance would be below $160,000 in a bit more than three-and-one-half years.

Timing will vary by mortgage lender. Fannie Mae/Freddie Mac will be sending operational instructions to lenders by November 15th, 2011. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012

We are further streamlining Fannie Mae/Freddie Mac’s existing use of AVM (automated valuation model) estimates of properties. Where there is a reliable AVM estimate of value provided by Fannie Mae/Freddie Mac, a new appraisal will not be needed. Where there is not a reliable AVM value, a new appraisal will be required.

Condominiums are already eligible under HARP and, under the enhanced program, condominiums that originally met Fannie Mae/Freddie Mac requirements remain eligible.

The program expires on December 31, 2016. Your refinance under HARP must have a mortgage note date on or before that date.

If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP . If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP .

When you submit a loan application, your lender will give you a “Good Faith Estimate” and a “Truth in Lending Statement” that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

No. The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe.

The objective of a refinance under HARP is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Keep in mind that all servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate with respect to those loans but you are not obligated to your current servicer/lender. You can choose another servicer/lender.

Eligible homeowners who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP , Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.

All servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate. Additional servicers are strongly encouraged to participate.



Home Affordable Refinance Program (HARP): Fannie Mae, harp loan program.#Harp #loan #program


Home Affordable Refinance Program (HARP)

– Ruben of Springfield, VA, saved $763 per month. Read the Full Story »

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, 2018.

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

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs.

Harp loan program

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).

Harp loan program

Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in refinancing and you want to see if you qualify for HARP.

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

HARP has been expanded to help more homeowners qualify for refinancing their mortgage—even those with little or no equity. With HARP you may take advantage of low interest rates and other refinancing benefits even if the value of your home has declined and you owe more than your home is worth. The questions and answers below will help you better understand how this program works.

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.

Making Home Affordable is a trademark of the United States Department of the Treasury.

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

When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.

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

There were 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.

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

HARP allows you to replace your adjustable-rate mortgage to a more stable fixed-rate mortgage. Refinancing may provide you with a lower monthly payment and allow you to avoid the sometimes large payment increase that comes once your ARM’s initial rate ends as the rate may increase over time. The stability of a fixed monthly payment will give you security in knowing what your principal and interest payment will be every month.

5. Is HARP the only refinance program available?

HARP is one of several refinancing options available to eligible homeowners. But 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.

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

Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

7. How does the HARP refinance process work?

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP Lender will work with you through every step, and will help determine if HARP meets your specific needs. Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in Refinancing and you want to see if you qualify for HARP.

8. What if I have been turned down for refinancing before?

The guidelines for HARP may have changed since you last applied, so you may qualify.

9. Will I have to pay closing costs?

Maybe, but closing costs vary by state and size of your loan. Closing costs might be rolled into your new loan so you wouldn’t have to pay these costs out of pocket at closing. Check with a HARP lender to learn more.

10. Is it worth refinancing with HARP?

On average, homeowners are saving over $250* per month on their mortgage payments.

*Average actual monthly payment savings based on total 2012 Fannie Mae HARP mortgage volume. Your monthly savings may vary based on the specific terms of the loan selected, the interest rate, APR and other factors. All loans are subject to credit approval. Contact a HARP lender for details.

11. What if my income is low? Or my income has decreased?

In most cases, it doesn’t matter. You still may qualify.

12. Do I need a new appraisal?

In most cases, no. With HARP, an appraisal is not generally required, so you save time and money.

13. If I owe more on my home than it’s worth, will I have to make a down payment before I can refinance?

No. You do not need to pay more money down on your mortgage in order to refinance with HARP.

14. Do I have to refinance for another 30 years?

No. Shorter loan terms (15-years and 20-years) may be available so you can start paying down your mortgage quicker and building equity faster.

If the new loan is secured by your primary residence and the unpaid principal balance exceeds the property’s fair market value, the interest on the portion of the unpaid principal balance that is greater than the fair market value of your primary residence is not deductible for federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites: knowyouroptions.com/loanlookup or freddiemac.com/mymortgage.

What homeowners are saying about HARP.

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

– Ruben of Springfield, VA, saved $763 per month. Read the full story »



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


#harp loan program
#

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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Home Affordable Refinance Program (HARP)

Refinance Your Home Under the HARP Program

If you want to refinance, but may not qualify for a traditional refinancing loan due to the current value of your home, then the Home Affordable Refinance Program, or HARP, could be an appropriate option for you.

The HARP program is a federally funded program designed to help homeowners in need. With the extension of the program through the end of 2015, eligible homeowners now have additional time to apply for a refinance.

Benefits of the HARP Refinance Program

Refinancing your mortgage through the HARP program can provide positive benefits that may help you stabilize your financial situation. The benefits can include:

  • Changing your adjustable-rate mortgage to a fixed-rate mortgage
  • Reducing your interest rate
  • Reducing the amount of time you are paying on your home
  • Paying less on a monthly basis

The exact benefits will depend on your finances and goals, but a HARP refinance may change your current mortgage to something that is more appropriate for your needs.

HARP Eligibility Guidelines

The Home Affordable Refinance Program has eligibility guidelines that determine whether you qualify for a refinance loan.

  • You must be current on your existing mortgage payments and have a good payment history over the last 12 months, with no late payments in the last 6 months
  • Your current mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
  • The HARP refinance must provide clear benefit to you as the borrower – for example, by obtaining a lower interest rate, locking in a fixed-rate loan or reducing the term of the loan
  • You must have enough income to cover the monthly payments

Your new loan amount must be at least 81 percent of the current value of your home

How to Apply for a HARP Mortgage Loan

When you are ready to apply for a HARP mortgage, getting documentation together before starting the application process will save time. The appropriate documentation will include:

  • Your pay stubs for the last three to six months
  • Your tax returns for the last two to three years
  • Your most recent bank statement
  • A hardship letteR written by you that explains your current financial situation

You can also provide details about your current mortgage, the value of your home and any other debts that you currently owe. All of these considerations work to determine your eligibility for a HARP mortgage loan.

Interested in learning more? A U.S. Bank mortgage loan originator can answer your questions about the Home Affordable Refinance Program and determine whether you re eligible to apply.



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Now May Be The Time For A More Affordable Mortgage Loan

What is HARP?

In April of 2009, the Home Affordable Refinance Program (HARP) was launched by the federal government with the purpose of assisting low-equity homeowners to take advantage of more favorable mortgage rates.

HARP Eligibility*

The redesigned HARP guidelines are as follows:

  • There is no maximum loan-to-value (LTV). You may qualify even if you owe more than the value of your home.
  • Applicant must be current on existing mortgage at the time of refinance with good payment history in the last 12 months.
  • Available for primary residence, second homes and investment properties.
  • No minimum credit score requirements.
  • Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Note: your loan may have been sold even if your servicer has remained the same.
  • Program available through December 31, 2015.

Ready to apply and find out if you qualify?

Don’t qualify for HARP?

Beneficial Bank may still be able to help you refinance your mortgage. Click here for more information about Beneficial mortgages.

*Other requirements will apply. Some may not qualify if you owe more than the value of your home. Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/. For additional details on the HARP program, you can visit the government website.

**Please note: The use of non-secure e-mail is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.



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Are You Eligible?

Could you get “HARPed?”

See if you meet these basic eligibility requirements:

  • You are current on your mortgage. with no 30-day+ late payments in the last six months and no more than one in the past 12 months
  • Your home is your primary residence. a 1-unit second home or a 1- to 4-unit investment property .
  • Your loan is owned by Freddie Mac or Fannie Mae. You can use the Loan Look-up Tools below if you are unsure.
  • Your loan was originated on or before May 31, 2009. By using the loan look-up tools below, this date will be made available to you.
  • Your current loan-to-value (LTV) ratio must be greater than 80%. Calculate your LTV ratio with this tool .

Is your mortgage owned by Fannie Mae or Freddie Mac?

Use their online tools to quickly find out, or call them toll-free:

Call: 800-7FANNIE (8 am to 8 pm ET)

Freddie Mac

Call: 800-FREDDIE (8 am to 8 pm ET)

Note: Be sure and check your address on both the Fannie Mae and Freddie Mac look-up tool. If your address does not appear in the look-up tool of either site, your loan is not owned by Fannie Mae or Freddie Mac and you are not eligible for the program.

Turned down before? Now’s the time to try again.

Could you get “HARPed?”



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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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HARP Loan

If the value of your home has dropped since you bought it, the government’s

Home Affordable Refinance program may help.

What is HARP/HARP 2.0?

HARP stands for the Home Affordable Refinance Program, which the government launched in 2009 to help underwater homeowners who are current on their Freddie Mac- or Fannie Mae-owned mortgages to refinance.

HARP allows high-LTV homeowners to refinance at the low rates lenders offer now. In 2012, the HARP program even underwent a revision, allowing even more borrowers take advantage of the program. This updated program is referred to as HARP 2.0.

Some background

When the housing bubble burst in late 2006, average home prices fell. This left millions of homeowners owing more on their mortgages than their homes were worth. Even worse, they were generally unable to refinance because of their high loan-to-value (LTV) ratios, even as mortgage rates fell to record lows.

Eligibility requirements

Because the government created this program with certain circumstances in mind, HARP refinances aren’t available to everyone. Requirements dictate that:

  • You must be current on your mortgage.
  • You must not have made more than one late payment over the past twelve months.
  • Your loan must be currently held by Fannie Mae or Freddie Mac.
  • Your loan must have been issued prior to May 31st, 2009.

Other eligibility and underwriting guidelines will apply, depending on your individual financial situation.

Why pick Total Mortgage?

After 17 years of success, it’s safe to say that we know what we’re doing. Plus:

  • We have some of the lowest interest rates in the country.
  • No pre-payment penalties, ever. Pay off all your debt as fast as you can. We promise not to get grumpy about it.
  • No pushy loan officers, just experienced professionals who will educate you as they help you get the financing that makes sense for you.

Think you’re ready to refinance with HARP? Give us a call or fill out the form on the right to find out more.

If your home has lost value, we’re here to help. Get started now by filling out our form or calling 203-707-5693

Select the type of loan that fits you. How much do you want to borrow? How much is your home worth? How would you rate your credit? First Name Last Name Email Address Preferred Phone Zip



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Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



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HARP 4 Homeowners HARP Program Loans

The HARP program differs from standard mortgage loans in many ways. Most obvious is the lack of need for equity. Conventional loans require a certain amount of equity to be present in the home in order for banks to lend.  Without that equity present, there is just too much risk for a lender to want to extend a loan even if the borrowers credit and income are spotless.  But with the decline in the real estate market, an ever increasing amount of homeowners are finding themselves in a position of reduced home value and negative equity.  What can they do?

The HARP Program and HARP 2.0 Refinance Loans are specifically designed for homeowners who are credit worthy but cannot qualify for a loan due to a reduction in property value.  

The HARP program s loan products have been revised and revamped since its inception in 2009.  The goal is to reach more and more homeowners in need by reducing the requirements needed to qualify.  On Oct. 24, 2011, President Obama announced an overhaul to the HARP program determined to reaching more underwater homeowners. The new program is referred referred to as HARP 2.0 and now allows for lenders to approve loans above 125%LTV.  This means that no matter how far underwater your mortgage may seem, there is hope



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About HARP

Is your home underwater? Is your mortgage higher than your home s value? Do you have a high interest rate that you wish you could reduce?

You are not alone. Millions of Americans suffer from these same problems after purchasing homes during the housing boom.

2015 Total Mortgage Services, LLC. All Rights Reserved.

HarpLoans.com provides the latest information on the HARP 2.0 program. HarpLoans.com is not a government organization. HarpLoans.com is not affiliated with any government organization.

Total Mortgage Services, LLC – NMLS #2764

Content on this site may not be republished or reprinted in any way without written permission from Total Mortgage Services, LLC.

* We are an Equal Housing Lender.

Mortgage rates are volatile and are subject to change without notice. All rates shown are for 30 day rate locks with one point for an owner-occupied primary residence unless otherwise noted. Extended locks are available; prices will vary accordingly.

The APR for 30-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee.

The APR for 15-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee. 15-year conventional mortgage rates are calculated with a 15-year loan term.

The APR for Adjustable Rate Mortgages (ARMs) is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, $16 flood certification fee and a $20 credit report fee. Some rates and fees may vary by state.

Products are subject to availability on a state-by-state basis. All interest rates listed are for qualified applicants with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income.



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Choose a loan type to start comparing rates!

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FreeRateUpdate.com LLC 2008 – 2015. All Rights Reserved.

FreeRateUpdate.com LLC or FreeRateUpdate.com does not offer loans or mortgages. FreeRateUpdate.com is not a lender or a mortgage broker and does not provide mortgage relief assistance. FreeRateUpdate.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through any representatives or agents. We do not direct market by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions. FreeRateUpdate.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.

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Home Affordable Refinance Program – HARP

The HARP program is available only on Fannie Mae and Freddie Mac owned loans, not California Housing Finance Agency (CalHFA) loans. Under certain conditions, HARP allows borrowers to refinance into better loan terms even though the loan amount may exceed the value of the property.

Find out if the loan qualifies for HARP refinancing by following these steps:

  • Step 1. Determine if a loan is eligible for HARP. MakingHomeAffordable.gov can be helpful in making this determination.
  • Step 2. If a loan is eligible and is insured by California Housing Loan Insurance Fund (CaHLIF), review the Program Guidelines.
  • Step 3. Lenders who have an existing CaHLIF Mortgage Insurance Master policy may request the transfer of mortgage insurance by following the submission requirements described in the Program Guidelines and Program Application listed below.

Those lenders who have existing CaHLIF Mortgage Insurance Master Policies, and who have agreed to this program are listed below:

Those lenders who have existing CaHLIF Mortgage Insurance Master Policies, and who have NOT YET agreed to this progam are listed here.

Other CaHLIF-approved lenders will be added as they join the program.



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HARP Loans, Interest Rates 2015 HARP Refinance Program Guidelines

Andy Dean/photos.com

The Home Affordable Refinance Program, or HARP, allows homeowners to refinance their underwater homes where it was previously impossible. If you are one of the many who qualify for the new HARP program, MortgageRefinanceRates.org can help you quickly connect to a lender who can help you.

HARP Advantages

  • Refinance your home even if you owe more than it s worth (you re underwater )
  • Many HARP refinances can be completed without an appraisal.
  • Roll most or all of the closing costs into the new loan.
  • No private mortgage insurance (PMI) required if you don t have mortgage insurance now.
  • If you have PMI, you can transfer your existing PMI policy to the new HARP refinance loan.
  • You do not have to use your original lender to complete a HARP loan. 

HARP Refinance History, Eligibility Requirements, and Updates

The Making Home Affordable Program, which was a government mortgage assistance program created in early 2009, allows many homeowners refinance their mortgage into a lower payment. Because of overall declines in the economy and home values, homeowners were stuck paying more that they could afford on their homes.

One of the most beneficial aspects of the program was the Home Affordable Refinance Program, or HARP. This government-sponsored refi program opens doors to refinancing that were previously shut.

HARP Loans are for homeowners with Freddie Mac- or Fannie Mae-backed mortgages and who have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgages with an LTV of over 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their mortgage payments.

As borrowers needs have changed since the program was implemented, the HARP program has also undergone some changes to allow more flexibility for approval. Currently, the HARP program being offered is called HARP 2.0 and offers more flexible qualification requirements. Here is a breakdown of the history and development of the HARP refinance program:

HARP 1 (Original HARP Refinance)

  • Created April 2009
  • Must be backed by Freddie Mac or Fannie Mae
  • Current mortgage must have been secured on or prior to May 31, 2009
  • FHA, USDA, and jumbo loans are not eligible

HARP 2.0 (Current Program)

  • Created March 2012
  • Must have 6 months of continuous, on-time mortgage payments
  • Current mortgage must have been secured on or prior to May 31, 2009
  • No maximum LTV for 30 year fixed-rate loans
  • 105% LTV for adjustable rate mortgages
  • Must have less than 20% equity in home (LTV cannot be less than 80%)
  • Only available for Freddie Mac- and Fannie Mae-backed mortgages
  • Only one HARP refinance allowed per mortgage. If you used HARP you cannot use HARP 2.

HARP 3.0 #MYREFI (Proposed Program, Not yet Approved)

  • Currently being discussed by the government, not yet approved
  • If approved, would expand streamline refinance opportunities under the existing HARP program
  • Would include all other homeowners, including non-Freddie or -Fannie mortgages
  • Homeowners would still need to be current on their payments
  • Would include jumbo loans and other types of mortgages
  • Would still limit refinance opportunity to loans closed on or prior to May 31, 2009

HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is currently being discussed but it is unknown what the final program will offer or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $250 a month on their mortgage payments, which could add up to $35-70 billion in savings annually.

HARP in 2016

The HARP program has been extended to December 31st, 2016. Although there s a lot of time left for the program, interest rates may not cooperate. If rates rise too much, the HARP program may become irrelevant, even though it s still available.

Rates are steadily rising. Lock in your HARP rate now to avoid possible interest rate hikes.

HARP Loan Rates

Whenever you are shopping for a mortgage or a refinance, it is in your best interests to meet with more than one lender to compare rates and lending requirements. Each lender has different requirements for HARP, so if you are denied a HARP refinance by one lender, complete our contact request form to speak to a different one.

Also, most lenders will negotiate rates and fees for HARP loans, so getting multiple quotes is a great idea.

Like all mortgage interest rates, HARP loan rates can change on a daily basis. At MortgageRefinanceRates.org, we connect you with the best lenders in today s market, meaning the a great loan and rate for you.

This saves you time, money, effort, and helps you start saving immediately. When you work with MortgageRefinanceRates.org, you are working with a company that will never misuse your information or sell you services that you don t need or that won t help you. You will be contacted by up to four lenders, who have been screened and matched to help you save the most money right away.

Get started now by filling out a short online form here. Receive a free, no commitment quote and see how much you can save on your home loan with a HARP refinance. Click here to start saving .

Mortgage Refinance Rates

It only takes a minute and it’s FREE!

Disclosure to Vermont Consumers



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What is HARP 3.0?

The Home Affordable Refinance Program (H.A.R.P.) is a federal-government program designed to help homeowners refinance at today s low mortgages rates even if they owe as much or more on their mortgage than their home is worth. The goal is to allow borrowers to refinance into a more affordable or stable mortgage. Most homeowners eligible for a HARP refinance are able to reduce their monthly payment by lowering the interest rate on their mortgage. Other homeowners can use HARP to convert their adjustable mortgage into a more predictable, fixed-loan program. You also have the option to do a HARP refinance for a shorter-term loan, which will help you build equity in your home at a faster pace.

The Home Affordable Refinance Program (H.A.R.P.) 2.0 was rolled out in March 2012 to help underwater and near-underwater homeowners refinance to a loan with a lower monthly payment. About 2.8 million homeowners have taken advantage of the HARP program to-date, but there are still an additional 2 million homeowners who qualify for a HARP refinance. But, there s still time since the HARP loan program has been extended through December 31, 2015 with the following changes:

    No underwater limits

Borrowers are now able to refinance regardless of how far their homes have fallen in value. There is no longer a loan-to-value limit set at 125 percent. No appraisals and underwriting

Most homeowners do not have to get an appraisal or have their loan underwritten, making the refinance process smoother and faster. Modified fees

Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified. Looser restrictions on income verification

Many lenders require less paperwork to verify income. Some lenders are also able to grant a HARP mortgage if borrowers have at least 12 months of mortgage payments in reserve.

To qualify for the HARP program:

    You must be current on your mortgage

You must have no late payments made 30 or more days past the due date in the last six months, and no more than one late payment made 30 or more days past the due date in the last 12 months. You must have a certain property type

Your home must be a primary residence, a 1-unit second home or a 1- to 4-unit investment property. Condos, PUDs and manufactured homes are eligible. Loan must have a note date of May 31, 2009 or before

Your note date is the day your mortgage closed. The lookup tools below can help you determine your note date. Your mortgage must be backed by Freddie Mac or Fannie Mae

Use the Freddie Mac or Fannie Mae online lookup tools or call Fannie Mae at 1-800-7Fannie or Freddie Mac at 1-800-FREDDIE to determine who owns your loan. You must have a loan-to-value (LTV) ratio of 80 percent or higher

To calculate your LTV, divide the amount of money you owe on your house by its value. To get an estimated market value of your home, look up the Zestimate.

No, you do not have to do a HARP refinance with the same bank that you originally obtained your loan through. If your bank tells you they cannot or will not help you with a HARP refinance, it s important to not give up. Use our HARP shopping tool below to shop for custom mortgage rates.

Also, it is important to distinguish the difference between your mortgage servicer and mortgage backer. If your loan is backed by Fannie Mae or Freddie Mac, they are your mortgage backer. The bank that collects your monthly mortgage payments is your mortgage servicer. In fact, it is in your best interest to shop for the best HARP refinance rates by comparing quotes from several different lenders.



Direct mortgage lender for FHA, VA and HARP home loans – New American Funding #home #loans #rates


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Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



Orlando Florida HARP Mortgage Loans – Rates #housing #loan #interest #rates


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#

Information for Orlando Florida HARP Loan Mortgage Refinancing and Rates

Do you owe more on your home than it’s worth? Have you been making timely monthly payments but have still been turned down for a refinance mortgage at a lower rate because your home has depreciated in value? Are you struggling to make your mortgage payments? Want to move from an ARM to a fixed rate mortgage but do not qualify under conventional loan refinancing underwriting guidelines? Even if your lender has turned you down for traditional home refinancing because your loan to value ratio is above the accepted maximum, you may have option such as a HARP loan. There’s no need to suffer under the oppression of mortgage payments that are higher than you can reasonably afford to spend, given the current market value of your property.

Can you answer yes to these two questions?

  1. Was your mortgage taken out with Fannie Mae or Freddie Mac before May 2009? 
  2. Is your loan to value ratio over 80%?

If you can answer yes to these two questions, you may qualify for a home refinancing loan with The Home Affordability Refinancing Program (HARP 2.0). The HARP loan program was designed to help homeowners who suffered with significant property devaluation after the housing market crash. HARP loans allow you to refinance your mortgage into today’s low interest rates regardless of the value of your property, often with no appraisal required. Refinancing under the HARP loan can lower your interest rate, lower your monthly mortgage payment, and give you more disposable income every month. But be forewarned…the lender you use makes a big difference in how your HARP application will be handled.

Not all HARP lenders are equal.

Understand this: the bank does not really care what your house is worth. Whether it is worth far more than you have paid or far less doesn’t matter. The only factors your bank is interested in are whether or not you have been making timely monthly payments and whether or not you have the income to qualify for the new mortgage.

However, the limits and restrictions on a HARP refinancing are not evenly set across the board and each lender has their own specific guidelines regarding HARP loan applications. Even if you appear to qualify for a HARP 2.0 loan. some lenders may have particular criteria regarding how upside-down you are allowed to be (upside down refers to how much you currently owe on your mortgage versus the value of your property) that are difficult for you to meet. HARP loans are packaged and sold to Fannie Mae and Freddie Mac, so it doesn’t matter which lender offers them and no lender is ever required to approve your loan. Because of this, you may find it difficult for you to refinance under the HARP program with your current lender.

A common misconception is that you must go to your current lender to apply for a HARP loan. This is simply untrue! If your bank has told you this, it is a lie.

You have the right to approach multiple lenders when seeking a HARP refinancing loan.

Rates and fees fluctuate and vary from one bank to the next. These often high-cost lenders understand that when you believe you must go to them for all of your mortgage refinancing needs, they have the opportunity to charge you a higher rate and higher closings costs than you would get elsewhere. This is not to say that your current lender will not give you a good deal. It simply means that you have the right to shop around for the best lender to suit your refinancing purposes and you should utilize this right.

Do I need a mortgage broker to apply for a HARP loan?

There are several advantages to having a mortgage broker help you with your HARP loan. A big reason is that they have access to multiple lenders. If you find that you do not meet a particular criteria or restriction, your mortgage broker can submit your loan application to other lenders who offer more flexible HARP guidelines. It’s extremely important that you take advantage of the opportunity you have to look around for the best rate and options because something else many homeowners do not know is this:

You can only refinance your loan under the HARP loan program ONE time.

If you do not invest the time and energy it takes to find the best rate (or have a qualified mortgage professional invest the time for you) you could end up stuck with a new mortgage than will costs you thousands more than necessary. The right mortgage company can help you find and secure the lowest possible rate and lowest closing costs. Your current lender has no reason to offer these advantages to you, as they assume you will apply for your HARP refinancing loan with them anyway. A mortgage broker is that you will have the opportunity to take advantage of wholesale rates that you cannot find with a traditional bank.

Before you apply for a HARP Loan refinancing:

Before you apply for a HARP refinancing, it’s a good idea to find out who holds your home loan. Your current mortgage must have been originated or refinanced by Freddie Mac or Fannie Mae prior to May 2009.

HARP Loan initial qualification step:

Find out if your home loan is backed by Fannie Mae or Freddie Mac?

Make sure that if you do a HARP refinancing you do it the right way. Your future financial security depends upon you making the right decision regarding your mortgage loan.

Call (877) 337-5807 to speak with a licensed mortgage professional or complete the fast quote form now.



HARP Program #student #loans #for #living #expenses


#harp loan program
#

HARP Program

Has your home lost value? Is your mortgage balance higher than your home value? Do you feel stuck with your high interest rate?

You re not the only one. The housing bubble affected millions of U.S. residents, causing good people to lose significant equity in their homes.

The solution has finally arrived. HARP allows homeowners who have lost significant equity in their home to refinance at today s low interest rates, as long as they meet basic eligibility requirements. HARP stands for the Home Affordable Refinance Program, and was created for homeowners in your position.

Under the Home Affordable Refinance Program, you can refinance your loan to achieve any or all of the following:

  • Lower Your Interest Rate
  • Modify your type of loan from Adjustable to fixed-rate or fixed-rate to Adjustable
  • Lower the payment term length (only available for fixed rate mortgages)
  • Choose a different lender

Learn more about the incredible benefits that a HARP refinance can offer by reading our Frequently Asked Questions about HARP  or click here to get started today .

When you contact us, ask if you are eligible to pay nothing at closing!



HARP Loans, HARP Loan, HARP Program #business #loans #for #bad #credit


#harp loan program
#

About HARP

Is your home underwater? Is your mortgage higher than your home s value? Do you have a high interest rate that you wish you could reduce?

You are not alone. Millions of Americans suffer from these same problems after purchasing homes during the housing boom.

2015 Total Mortgage Services, LLC. All Rights Reserved.

HarpLoans.com provides the latest information on the HARP 2.0 program. HarpLoans.com is not a government organization. HarpLoans.com is not affiliated with any government organization.

Total Mortgage Services, LLC – NMLS #2764

Content on this site may not be republished or reprinted in any way without written permission from Total Mortgage Services, LLC.

* We are an Equal Housing Lender.

Mortgage rates are volatile and are subject to change without notice. All rates shown are for 30 day rate locks with one point for an owner-occupied primary residence unless otherwise noted. Extended locks are available; prices will vary accordingly.

The APR for 30-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee.

The APR for 15-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee. 15-year conventional mortgage rates are calculated with a 15-year loan term.

The APR for Adjustable Rate Mortgages (ARMs) is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, $16 flood certification fee and a $20 credit report fee. Some rates and fees may vary by state.

Products are subject to availability on a state-by-state basis. All interest rates listed are for qualified applicants with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income.



HARP Loans #consolidation #loan #calculator


#harp loan
#

HARP Loans, Interest Rates 2015 HARP Refinance Program Guidelines

Andy Dean/photos.com

The Home Affordable Refinance Program, or HARP, allows homeowners to refinance their underwater homes where it was previously impossible. If you are one of the many who qualify for the new HARP program, MortgageRefinanceRates.org can help you quickly connect to a lender who can help you.

HARP Advantages

  • Refinance your home even if you owe more than it s worth (you re underwater )
  • Many HARP refinances can be completed without an appraisal.
  • Roll most or all of the closing costs into the new loan.
  • No private mortgage insurance (PMI) required if you don t have mortgage insurance now.
  • If you have PMI, you can transfer your existing PMI policy to the new HARP refinance loan.
  • You do not have to use your original lender to complete a HARP loan. 

HARP Refinance History, Eligibility Requirements, and Updates

The Making Home Affordable Program, which was a government mortgage assistance program created in early 2009, allows many homeowners refinance their mortgage into a lower payment. Because of overall declines in the economy and home values, homeowners were stuck paying more that they could afford on their homes.

One of the most beneficial aspects of the program was the Home Affordable Refinance Program, or HARP. This government-sponsored refi program opens doors to refinancing that were previously shut.

HARP Loans are for homeowners with Freddie Mac- or Fannie Mae-backed mortgages and who have a loan-to-value (LTV) ratio of more than 80% on their mortgage. Because mortgages with an LTV of over 80% are often unable to qualify for traditional refinancing options, the HARP program was necessary to allow as many people as possible to start saving money on their mortgage payments.

As borrowers needs have changed since the program was implemented, the HARP program has also undergone some changes to allow more flexibility for approval. Currently, the HARP program being offered is called HARP 2.0 and offers more flexible qualification requirements. Here is a breakdown of the history and development of the HARP refinance program:

HARP 1 (Original HARP Refinance)

  • Created April 2009
  • Must be backed by Freddie Mac or Fannie Mae
  • Current mortgage must have been secured on or prior to May 31, 2009
  • FHA, USDA, and jumbo loans are not eligible

HARP 2.0 (Current Program)

  • Created March 2012
  • Must have 6 months of continuous, on-time mortgage payments
  • Current mortgage must have been secured on or prior to May 31, 2009
  • No maximum LTV for 30 year fixed-rate loans
  • 105% LTV for adjustable rate mortgages
  • Must have less than 20% equity in home (LTV cannot be less than 80%)
  • Only available for Freddie Mac- and Fannie Mae-backed mortgages
  • Only one HARP refinance allowed per mortgage. If you used HARP you cannot use HARP 2.

HARP 3.0 #MYREFI (Proposed Program, Not yet Approved)

  • Currently being discussed by the government, not yet approved
  • If approved, would expand streamline refinance opportunities under the existing HARP program
  • Would include all other homeowners, including non-Freddie or -Fannie mortgages
  • Homeowners would still need to be current on their payments
  • Would include jumbo loans and other types of mortgages
  • Would still limit refinance opportunity to loans closed on or prior to May 31, 2009

HARP 3.0 is still a hypothetical scenario and all of the information provided is speculation. The details of the program are based on what is currently being discussed but it is unknown what the final program will offer or if it will even pass. The government has assumed that it would likely help over 30 million borrowers and save homeowners an average of $250 a month on their mortgage payments, which could add up to $35-70 billion in savings annually.

HARP in 2016

The HARP program has been extended to December 31st, 2016. Although there s a lot of time left for the program, interest rates may not cooperate. If rates rise too much, the HARP program may become irrelevant, even though it s still available.

Rates are steadily rising. Lock in your HARP rate now to avoid possible interest rate hikes.

HARP Loan Rates

Whenever you are shopping for a mortgage or a refinance, it is in your best interests to meet with more than one lender to compare rates and lending requirements. Each lender has different requirements for HARP, so if you are denied a HARP refinance by one lender, complete our contact request form to speak to a different one.

Also, most lenders will negotiate rates and fees for HARP loans, so getting multiple quotes is a great idea.

Like all mortgage interest rates, HARP loan rates can change on a daily basis. At MortgageRefinanceRates.org, we connect you with the best lenders in today s market, meaning the a great loan and rate for you.

This saves you time, money, effort, and helps you start saving immediately. When you work with MortgageRefinanceRates.org, you are working with a company that will never misuse your information or sell you services that you don t need or that won t help you. You will be contacted by up to four lenders, who have been screened and matched to help you save the most money right away.

Get started now by filling out a short online form here. Receive a free, no commitment quote and see how much you can save on your home loan with a HARP refinance. Click here to start saving .

Mortgage Refinance Rates

It only takes a minute and it’s FREE!

Disclosure to Vermont Consumers



Direct mortgage lender for FHA, VA and HARP home loans – New American Funding #subsidized #student #loans


#investment loans
#

Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



HARP Refinancing #calculate #auto #loan


#hfc loans
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Now May Be The Time For A More Affordable Mortgage Loan

What is HARP?

In April of 2009, the Home Affordable Refinance Program (HARP) was launched by the federal government with the purpose of assisting low-equity homeowners to take advantage of more favorable mortgage rates.

HARP Eligibility*

The redesigned HARP guidelines are as follows:

  • There is no maximum loan-to-value (LTV). You may qualify even if you owe more than the value of your home.
  • Applicant must be current on existing mortgage at the time of refinance with good payment history in the last 12 months.
  • Available for primary residence, second homes and investment properties.
  • No minimum credit score requirements.
  • Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Note: your loan may have been sold even if your servicer has remained the same.
  • Program available through December 31, 2015.

Ready to apply and find out if you qualify?

Don’t qualify for HARP?

Beneficial Bank may still be able to help you refinance your mortgage. Click here for more information about Beneficial mortgages.

*Other requirements will apply. Some may not qualify if you owe more than the value of your home. Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/. For additional details on the HARP program, you can visit the government website.

**Please note: The use of non-secure e-mail is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.



Home Affordable Refinance Program (HARP): Fannie Mae #personal #loans #for #bad #credit


#harp loan program
#

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?



HARP Loans #construction #loans


#harp loan
#

Mortgage Relief for Homeowners UnderwateR on their Mortgages

If you are underwateR on your home (meaning you owe more than your home is worth), the recent HARP changes were designed specifically to help homeowners like you refinance their existing mortgage.

If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

Am I eligible for HARP?

What does it mean to refinance my mortgage?

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

There were 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.

Is HARP the only refinance program available?

HARP is one of several refinancing options available to eligible homeowners. But HARP is unique it s

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

HARP allows you to replace your adjustable-rate mortgage and many homeowners opt for a more stable fixed-rate mortgage. Every adjustable-rate mortgage is different, but refinancing may still provide you with a lower monthly payment, and allow you to avoid the sometimes large payment increase that comes once your ARM initial rate ends. The stability of a fixed monthly payment will give you security in knowing what you ll owe every month.

How does the HARP refinance process work?



HARP Loans, HARP Loan, HARP Program #cheapest #home #loans


#harp loan program
#

About HARP

Is your home underwater? Is your mortgage higher than your home s value? Do you have a high interest rate that you wish you could reduce?

You are not alone. Millions of Americans suffer from these same problems after purchasing homes during the housing boom.

2015 Total Mortgage Services, LLC. All Rights Reserved.

HarpLoans.com provides the latest information on the HARP 2.0 program. HarpLoans.com is not a government organization. HarpLoans.com is not affiliated with any government organization.

Total Mortgage Services, LLC – NMLS #2764

Content on this site may not be republished or reprinted in any way without written permission from Total Mortgage Services, LLC.

* We are an Equal Housing Lender.

Mortgage rates are volatile and are subject to change without notice. All rates shown are for 30 day rate locks with one point for an owner-occupied primary residence unless otherwise noted. Extended locks are available; prices will vary accordingly.

The APR for 30-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee.

The APR for 15-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee. 15-year conventional mortgage rates are calculated with a 15-year loan term.

The APR for Adjustable Rate Mortgages (ARMs) is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, $16 flood certification fee and a $20 credit report fee. Some rates and fees may vary by state.

Products are subject to availability on a state-by-state basis. All interest rates listed are for qualified applicants with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income.



Harp loan program #business #funding


#harp loan program
#

HARP Loan

If the value of your home has dropped since you bought it, the government’s

Home Affordable Refinance program may help.

What is HARP/HARP 2.0?

HARP stands for the Home Affordable Refinance Program, which the government launched in 2009 to help underwater homeowners who are current on their Freddie Mac- or Fannie Mae-owned mortgages to refinance.

HARP allows high-LTV homeowners to refinance at the low rates lenders offer now. In 2012, the HARP program even underwent a revision, allowing even more borrowers take advantage of the program. This updated program is referred to as HARP 2.0.

Some background

When the housing bubble burst in late 2006, average home prices fell. This left millions of homeowners owing more on their mortgages than their homes were worth. Even worse, they were generally unable to refinance because of their high loan-to-value (LTV) ratios, even as mortgage rates fell to record lows.

Eligibility requirements

Because the government created this program with certain circumstances in mind, HARP refinances aren’t available to everyone. Requirements dictate that:

  • You must be current on your mortgage.
  • You must not have made more than one late payment over the past twelve months.
  • Your loan must be currently held by Fannie Mae or Freddie Mac.
  • Your loan must have been issued prior to May 31st, 2009.

Other eligibility and underwriting guidelines will apply, depending on your individual financial situation.

Why pick Total Mortgage?

After 17 years of success, it’s safe to say that we know what we’re doing. Plus:

  • We have some of the lowest interest rates in the country.
  • No pre-payment penalties, ever. Pay off all your debt as fast as you can. We promise not to get grumpy about it.
  • No pushy loan officers, just experienced professionals who will educate you as they help you get the financing that makes sense for you.

Think you’re ready to refinance with HARP? Give us a call or fill out the form on the right to find out more.

If your home has lost value, we’re here to help. Get started now by filling out our form or calling 203-707-5693

Select the type of loan that fits you. How much do you want to borrow? How much is your home worth? How would you rate your credit? First Name Last Name Email Address Preferred Phone Zip



Direct mortgage lender for FHA, VA and HARP home loans – New American Funding #ez #loan


#home improvement loans
#

Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



Are there HARP Loan Disadvantages and Dangers? #cheap #loans #for #bad #credit


#harp loan program
#

Check HARP Refinance Rates

Are there HARP Loan Disadvantages and Dangers? Dustin Meshberger

Some have contacted us asking about some of the disadvantages and dangers of the HARP Loans program.  We were at first taken aback by this because some people viewed this program as a “too good to be true” government program.   Many were jaded and suspect that the government was willing to help the common homeowner with their mortgage and keep them in their homes.  After we spoke with them, those who qualified have never been happier.  Most homeowners are taking advantage of today’s mortgage climate by lowering their payment, reducing and locking in their rate.  (I say most homeowners are “lowering” their payment because you can actually raise your payment under HARP 2.  But 95% of people who use HARP 2 to refinance are saving hundreds of dollars each month.)

Well – we tried doing some research into this and we can’t really find any drawbacks except maybe one.  HARP 2 is limited in the fact that it only allows homeowners to refinance who have a loan backed by Fannie Mae or Freddie Mac.  Hopefully, there will be an updated program – HARP 3.0 – that allows for all homeowners who are underwater to refinance – regardless of who owns their note.

Other government streamline programs have done well such as FHA and VA.  Like HARP, these have had great feedback from the customer.  With HARP, I truly hope HARP 3 gets passed.   Here is what we know currently about who qualifies for the rumored HARP 3.0 program.  The main difference between HARP 2 and HARP 3 is that your loan doesn’t have to be backed by Freddie Mac or Fannie Mae.

Below are more guidelines to who would qualify under HARP 3.0.

  • A self-employed person who used stated income for the original mortgage and can verify their current income via federal tax  returns
  • A prime borrower who used a sub-prime mortgage because mortgage rates were lower and or fees were less as compared to a conforming loan
  • A Jumbo mortgage homeowner who lives in a high-cost area whose original mortgage was for between $417,000 and $625,500.
  • A wage earner who used a stated income and or stated asset mortgage for convenience
  • Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
  • An Alt-A borrower whose FICO s were low at the date of origination, but have since improved.

HARP 3 would help millions of homeowners and hopefully it gets passed soon so that homeowners can take advantage of today’s low mortgage rates.  The Fed has promised low rates till 2015 so hopefully they keep their word and homeowners will be able to continue to refinance.



HARP: Your best route to a better mortgage #credit #loan


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Are You Eligible?

Could you get “HARPed?”

See if you meet these basic eligibility requirements:

  • You are current on your mortgage. with no 30-day+ late payments in the last six months and no more than one in the past 12 months
  • Your home is your primary residence. a 1-unit second home or a 1- to 4-unit investment property .
  • Your loan is owned by Freddie Mac or Fannie Mae. You can use the Loan Look-up Tools below if you are unsure.
  • Your loan was originated on or before May 31, 2009. By using the loan look-up tools below, this date will be made available to you.
  • Your current loan-to-value (LTV) ratio must be greater than 80%. Calculate your LTV ratio with this tool .

Is your mortgage owned by Fannie Mae or Freddie Mac?

Use their online tools to quickly find out, or call them toll-free:

Call: 800-7FANNIE (8 am to 8 pm ET)

Freddie Mac

Call: 800-FREDDIE (8 am to 8 pm ET)

Note: Be sure and check your address on both the Fannie Mae and Freddie Mac look-up tool. If your address does not appear in the look-up tool of either site, your loan is not owned by Fannie Mae or Freddie Mac and you are not eligible for the program.

Turned down before? Now’s the time to try again.

Could you get “HARPed?”



HARP Loan Refinance – When is it worth the cost? #collateral #loans


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HARP refinance – Is it worth the cost?

Lured by the opportunity to reduce their mortgage payments, many homeowners embark in the often-frustrating experience of trying to refinance through HARP — the Home Affordable Refinance Program.

The federal program, designed to ease refinancing for homeowners who are underwater or have little equity on their homes, may sound like a good opportunity on the surface. But is it worth the time, hassle and money you will need to spend on closing costs ?

Borrowers who refinanced through HARP in the first half of 2010 saved an average of $125 to $150 a month on their monthly mortgage payments, according to Freddie Mac.

That’s not much, considering some of these borrowers spent thousands on closing costs.

“Borrowers get attracted to refis like moths to a flame,” says Ed Conarchy, an investment adviser and a banker at Cherry Creek Mortgage Co. in Vernon Hills, Ill. “They are attracted to that low rate, but sometimes they don’t see that’s only half of the story. You have to factor in the closing costs.”

Closing costs vs. savings

Those with larger loans who got mortgages when rates were in the 6 percent to 8 percent range are more likely to benefit from HARP refinances than homeowners in less-expensive areas.

For instance, a borrower who refinances a $125,000 loan that originally had a 6.5 percent interest rate will save $90.13 a month in mortgage payments with a refinanced loan carrying a 5.375 percent interest rate, according to Jim Sahnger, a mortgage consultant for FBC Mortgage, in Jupiter, Fla. But that borrower would have to spend about $3,230 in closing costs, meaning it would take the borrower almost three years to recoup that money.

Featured Rates

On the other hand, a borrower who owes $375,000 under the same scenario would save $270.37 a month. With estimated closing costs of $3,915, the borrower would recoup that expense in a little more than a year. On a loan this size, it would make sense to consider it, Sahnger says.

Conarchy says he has helped several borrowers who have refinanced through HARP. But in most of the cases, refinancing only made sense because the borrowers didn’t have to pay lender fees — and in Illinois, title costs are generally less expensive than in other states, he says.

“If your closing costs are $600 and you’re saving 100 bucks a month, that’s a slam-dunk,” he says. “In six months you’ll break even.”

Ways to reduce upfront costs

The chances you’ll pay only $600 for closing costs are low, especially in states where title fees are more expensive. Finding a lender willing to offer a HARP refinance with no fees isn’t easy, and most of the time the lender will compensate the waived upfront fee by charging a slightly higher interest rate. They may also add your closing costs to the total balance of your refinanced loan, which is permitted in HARP. But that may affect your eligibility for the program, as it influences the loan-to-value ratio of your mortgage.

HARP allows borrowers to refinance up to 125 percent of the value of their homes. If you are on the borderline, adding closing costs to the loan amount may put you beyond that threshold.

Despite what the guidelines of the program allow, most lenders are unwilling to offer refinancing for borrowers who owe more than 105 percent of what their home is worth, Conarchy says.

Credit score and equity may affect refi costs

As with other types of mortgages, the amount of money you borrow compared to the value of your property and your credit score also affects your interest rate.

HARP loans must follow Fannie Mae and Freddie Mac guidelines, which include higher fees for borrowers with lower scores, less equity or lower down payments.

Tamara King of the Mortgage Bankers Association says the requirement imposed by Fannie and Freddie can make the cost of refinancing prohibitive to some borrowers, even under HARP.

Fannie’s guidelines require a borrower with a credit score of less than 620 and little or no equity in the home to pay 3 points more for a loan than a borrower who has a 720 credit score and the same amount of equity. (A point is 1 percent of the amount of the loan.) A borrower with a score of 680 would be charged half a point more than the borrower with the 720 score.

The points can be paid as fees or translated into higher interest rates. Rather than charging the higher interest rate, which could defeat the purpose of refinancing, lenders offer borrowers the opportunity to buy points to get a lower rate — but that may cost anywhere from a few hundred to a few thousand dollars extra in closing costs.

King says the association has recommended that the regulators re-evaluate the pricing guidelines for loans under HARP.

“We are not saying it should be completely abolished,” she says. “We understand why they are in place, but we recommended they evaluate what could be done to ease the burden on the borrower,” under HARP.



HARP Loans, HARP Loan, HARP Program #loan #comparison


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About HARP

Is your home underwater? Is your mortgage higher than your home s value? Do you have a high interest rate that you wish you could reduce?

You are not alone. Millions of Americans suffer from these same problems after purchasing homes during the housing boom.

2015 Total Mortgage Services, LLC. All Rights Reserved.

HarpLoans.com provides the latest information on the HARP 2.0 program. HarpLoans.com is not a government organization. HarpLoans.com is not affiliated with any government organization.

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Content on this site may not be republished or reprinted in any way without written permission from Total Mortgage Services, LLC.

* We are an Equal Housing Lender.

Mortgage rates are volatile and are subject to change without notice. All rates shown are for 30 day rate locks with one point for an owner-occupied primary residence unless otherwise noted. Extended locks are available; prices will vary accordingly.

The APR for 30-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee.

The APR for 15-Year Conventional Fixed-Rate Mortgage loan amounts is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, a $16 flood certification fee, and a $20 credit report fee. 15-year conventional mortgage rates are calculated with a 15-year loan term.

The APR for Adjustable Rate Mortgages (ARMs) is calculated using a loan amount of $417,000, one point, a $495 application fee, $350 appraisal fee, $799 underwriting fee, $16 flood certification fee and a $20 credit report fee. Some rates and fees may vary by state.

Products are subject to availability on a state-by-state basis. All interest rates listed are for qualified applicants with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income.



Do VA Loans Qualify for HARP? #instant #payday #loan


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Do VA Loans Qualify for HARP?

Posted on: May 21, 2015

Today, with the difficult economic situation in America, more people are searching for ways to refinance their homes. Refinancing can lower your monthly payment and make your home more affordable.

One popular refinance option is the Home Affordable Refinance Program, or HARP 2.0. But HARP has its limitations. This program is only available to homeowners whose loan is owned by Fannie Mae or Freddie Mac.

While VA loans are not eligible for a HARP refinance, those with a VA loan should strongly consider a VA streamline refinance. A VA streamline is better than HARP in many ways. For instance,

  • A VA Streamline does not require an appraisal
  • A VA Streamline does not require income or asset documentation.
  • A VA Streamline has more lenient qualification standards.

Speak to a licensed VA home loan expert to see if you qualify for a VA Streamline Refinance. Call 866-437-7385 or complete a simple one-minute contact request form .

HARP s Help

If you currently have a conventional loan owned by Fannie Mae or Freddie Mac, HARP is a great program. More than 3 million people have used it so far to refinance and reduce their payments. Check on the official Fannie Mae or Freddie Mac  websites to see if these companies own your loan. If they do, you may be eligible for HARP.

Other Choices if you have a VA Loan

While the HARP program does not take homeowners with a VA loan, the HAMP  program does. HAMP is an abbreviation for the Home Affordable Modification Program which helps financially-strapped homeowners avoid foreclosure. HAMP modifies loans so that the monthly payments for the homeowner won t exceed 31% of their pre-tax monthly income. For people who are eligible, these modifications permanently change the terms of the original mortgage and are aimed to help homeowners to keep their homes during times of economic hardship.

Still have questions? Watch our video  about the VA Streamline Refinance. Then call 866-437-7385 or simply complete a simple one-minute form and a licensed VA home loan expert will contact you.



Direct mortgage lender for FHA, VA and HARP home loans – New American Funding #perkins #student #loan


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Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



Direct mortgage lender for FHA, VA and HARP home loans – New American Funding #harp #loan


#home improvement loans
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Simplify Your Home Loan with a Licensed Mortgage Lender

Your home is your biggest investment. It’s important to work with the right mortgage company to protect that investment. When financing your home, you need an experienced, reputable company and an agent who gives you facts, not opinions. You need to find the right loan with a great rate, and you need to get it closed quickly. This is what New American Funding can offer you.

Giving you added security

As an FHA Direct Endorsement (DE) and Government Approved direct mortgage lender, we offer you the safety and security you’re looking for in home financing. We have helped thousands of customers buy a new home or refinance over the last decade, earning us an A rating with the Better Business Bureau.

Taking out the middle man

We’re a direct mortgage lender, not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting and finally funding your loan.

Finding the right loan for you 

Whether you’re buying a home or looking to refinance, we offer a variety of loan options, including FHA Home Loans, VA Loans, Fixed Rate and Adjustable Rate Mortgages, Conventional Loans, Jumbo Loans, Reverse Mortgages and more.

Ask about our fast, on-time closings

We are an all-inclusive mortgage banker. From origination to funding, our processors, underwriters and funders all work under one roof, creating a cohesive team that enables us to close loans fast.



HARP Refinancing


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Now May Be The Time For A More Affordable Mortgage Loan

What is HARP?

In April of 2009, the Home Affordable Refinance Program (HARP) was launched by the federal government with the purpose of assisting low-equity homeowners to take advantage of more favorable mortgage rates.

HARP Eligibility*

The redesigned HARP guidelines are as follows:

  • There is no maximum loan-to-value (LTV). You may qualify even if you owe more than the value of your home.
  • Applicant must be current on existing mortgage at the time of refinance with good payment history in the last 12 months.
  • Available for primary residence, second homes and investment properties.
  • No minimum credit score requirements.
  • Mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Note: your loan may have been sold even if your servicer has remained the same.
  • Program available through December 31, 2015.

Ready to apply and find out if you qualify?

Don’t qualify for HARP?

Beneficial Bank may still be able to help you refinance your mortgage. Click here for more information about Beneficial mortgages.

*Other requirements will apply. Some may not qualify if you owe more than the value of your home. Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/. For additional details on the HARP program, you can visit the government website.

**Please note: The use of non-secure e-mail is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.



Mortgage Rates as Low as 2. 7 3. 3 APR. Fixed, HARP Rates.


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