The HARP or Home Affordable Refinance Program is a government assistance program specially created for homeowners who are underwater on their mortgage. This type of refinancing is preferred by many homeowners because it enables them to save thousands of dollars on their mortgage payment. It offers a refinance option for owners who would not qualify for typical refinancing because of some reasons.
Other reasons for applying for a HARP loan include the following:
• If you apply for a HARP loan, you will be able to enjoy a lower mortgage payment. • A HARP loan has a lower interest rate. • HARP loans allow you to turn your adjustable interest rate to fixed interest rate. This will help you save an enormous amount of money throughout the life of your loan. • It does not affect your credit standing.
How to be eligible for HARP?
The Home Affordable Refinance Program is a voluntary program. It is a way of the federal government to offer financial incentives for mortgage providers who wish to participate in the HARP loan. The federal government has a strict set of rules and guidelines that should be followed by the participating mortgage companies. For you to qualify for HARP loan, you should meet the following requirements:
• You should be a resident/currently living in the property. • You should not be late in paying your mortgage; ideally no 30 plus day late payment for the last six months. • The loan must originate on or before the 31st of May, 2009. • Your loan must be back by Freddie Mac or Fannie Mae.
The application process for HARP loan is the same as the process of applying for an original mortgage. All required information should be gathered beforehand; the application forms should be completed, and submit the request for mortgage assistance to the mortgage service provider. The process can be a tedious one, especially if you lack documents and there are discrepancies in your papers. To save yourself from stress and hassle, you should prepare all the needed documents beforehand. Once you qualify for HARP, you will surely save a lot of money over the life of your loan.
Should you wish to apply for a Home Affordable Refinance Program, then you should contact a mortgage assistance professional. The purpose of HARP is to help struggling homeowners avoid foreclosure and enjoy a much affordable home mortgage. One of the highly reliable mortgage providers is the Freedom Mortgage. It has been helping Americans make their dream of owning a home come true for more than 25 years now.
It started as a small company in 1990 and over the years, Freedom Mortgage Corporation has earned a name for itself being a full-service lender in the United States. Many people have used the company because of its distinct streamlined process and excellent customer service. Freedom Mortgage receives an A+ rating from the Better Business Bureau (BBB). If you want to apply for HARP, or you simply want to know other home refinancing options, then you should contact the company now. Freedom Mortgage is ready to help you.
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