Refinancing to the Rescue
Are you underwater in your mortgage? Facing a balloon payment?
Recent extensions and broadening of the federally crafted HARP refinancing programs may be able to help you get afloat or get your feet back on the ground through new refinancing opportunities and relaxed eligibility criteria.
Mortgage rates are hovering at 3.5 percent today and refinancing a mortgage from a loan with a higher rate can significantly reduce monthly payments.
Mortgages on an increasing payment schedule or with a balloon payment ultimately due, may not see a reduction today in monthly payments by refinancing. But even if a monthly payment reduction isn’t immediately recognized, the refinancing at a lower, fixed interest rate will save you money over the life of the loan.
If the loan on your property is owned or guaranteed by Fannie Mae or Freddie Mac you may qualify for the “Home Affordable Finance Program (HARP) recently extended by Congress through 2013.
To find out if your mortgage is through one of these programs visit the HARP website and through to find links to Fannie Mae and Freddie Mac.
In addition to extending the HARP program, created in 2009, the qualifying terms were expanded. They now apply to mortgages that are larger than the value of the house.
The objective of a refinance under HARP is to provide creditworthy homeowners the opportunity to get into a new mortgage with better terms.
Also extended is the “Making Home Affordable“ program (MHA)with similar refinancing provisions and goals as HARP and also new a military resources program .
Please feel free to contact me if I can help you in any way with your housing solutions. Refinancing into a more stable fixed-rate loan product and avoiding future mortgage payment increases would likely improve your ability to sustain your mortgage payments over the long-term. I would be happy to help you locate the resources available to you.
