Mortgage rates are still low, but they won’t stay there forever. It’s time, guys. Mortgage rates nationally are back on the rise, meaning that now is the time to make the decision to refinance or buy that new home. You need to call us today to find out how much you can qualify for on that new home purchase or how much you can save by refinancing your existing loan. It’s a matter of taking advantage of low prices and government programs like HARP to get your loan payments as low as possible.
We have a lot of people asking us, “What is HARP, and how does it save ME money?” HARP is the Home Affordable Refinance Program. It was originally a program designed in 2009 by the federal government to help homeowners that may have been underwater on their loans to get to a lower rate so that they could stay in their homes. If your loan is owned by Fannie Mae or Freddie Mac, you can refinance to a lower rate. It was built to let struggling homeowners that were behind or underwater on their mortgages to get caught up. It helped stem the tide of foreclosures that were forcing thousands out of their homes during the economic downturn. If you want to find out if your loan is held by Fannie Mae or Freddie Mac, follow these links:
https://knowyouroptions.com/loanlookup for Fannie Mae
https://ww3.freddiemac.com/loanlookup for Freddie Mac
Homeowners that were current on their loans weren’t pleased, though, as they didn’t qualify for the program, even though they had done nothing wrong. So, HARP 2.0 was created. HARP 2.0 opened the floodgates, letting anyone with a Freddie Mac or Fannie Mae loan refinance in December of 2011. The requirements also changed, allowing people who owed more than 125% on their homes an opportunity to re-fi without getting Private Mortgage Insurance, or PMI. The upside for lenders was that they weren’t to be held liable for fraud on the original loan, so it led many more providers signing up for the program.
What’s the upshot for you? You can refinance today. If you’re underwater, we can help. If you don’t have a lot of equity, we can help. If you just want to pay a lower rate and not pay PMI, CALL US. We want to help you stay in your family home for the long haul, and HARP is a great way to do it.
Call us in Indy TODAY at (317) 550-1515 or apply online at www.thehomeloanexpert.com right now. Nobody makes it easier to refinance with HARP than The Home Loan Expert, Ryan Kelley.