Underwater on Your Mortgage? A New Refinance Program May Help You
With the new Home Affordable Refinance Program (HARP) loan, you may be able to refinance no matter how upside-down your mortgage is!
If you currently have a mortgage held by Fannie Mae or Freddie Mac, the HARP II refinance loan can help you lower your interest rate, decrease your monthly payments and help you start turning your finances around.
Under the enhanced and expanded provisions of HARP you may be able to receive one of the following benefits, either a reduction in your interest rate, a reduction in the amortization term, a reduction in your monthly principal and interest payment or a move from an adjustable rate loan to more stable loan product.
You may be eligible for this refinance program if your FICO score is 620 or above and your home loan was sold to Freddie Mac or Fannie Mae before June 1st, 2009. If you are eligible for the program there are no loan to value restrictions and the appraisal fee may be waived.
If you would like to find out if your mortgage loan is held by Freddie Mac or Fannie Mae, you can look up your information on their respective websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.
To find out more about taking advantage of the Home Affordable Refinance Program II, contact your lender or local mortgage professional today.