The Revised HARP (Home Affordable Refinance Program) guidelines appear to be a god-send for homeowners who are under water on their mortgage.
If like many homeowners you have been responsible, paid your mortgage on time even though it is higher than market rate, all the while watching those around you buy and refinance at lower and lower rates. Well, good news if finally here. A program you can use to lower your interest rate has come along and you are ready to refinance. That is, the new HARP 2.0 Refinance program, which is intended for homeowners whose loans are owned by Fannie Mae or Freddie Mac, and who owe more than the property is worth, who are under water on their mortgage.
But as the program is set to roll out, it's funny. The question often then arises: "Should I refinance? How many years will it take to pay this mortgage down to what my home is worth now?" And at that point some homeowners consider the real option of doing a short sale.
Certainly there is nothing wrong with a short sale. Lots of people are selling their homes for less than it is currently worth, and the lender is playing along and taking the loss.
But, if you plan to be in the home long term, that is, for a number of years to come, then the HARP 2 refinance may be just the option that helps you keep the home, greatly increase cash flow on the property, and wait it out as your neighborhood increases in value again over the next few years.
Time is one your side, so long as you don't have to move. If you feel secure in your job, and kids are doing well in their schools and with their circle of friends, then you will do well over the long haul to stay in your home, and take advantage of this HARP Refinance and enjoy an increased household cash flow, while also enjoying your home. The home that you have made for your family, where your memories are and have been created. You can now feel very content in staying put in your home, with this new refinance option.
Oh, and here is another consideration about the HARP 2.0 Refinance as opposed to short selling your home. The Hassle Factor. Some people will tout the great real estate deals out there right now, and encourage you to sell your current home so as to be able to take advantage of the great deals out there.
Selling your home on a short sale is not easy. Generally it takes 4-10 months, and a lot of home showings and a lot of paperwork to your current lender. A refinance, on the other hand, and want to refinance with a HARP 2.0 refinance program, you will provide similar paperwork, and then wait 30-45 days to close your loan, depending on the volume of loans that your lender has at the time.
In closing, take a close look at the HARP 2.0 Refinance if you otherwise qualify - meaning your loan is owned by Fannie or Freddie. And, you can follow the link above to see who currently owns your loan. Hint: it is probably not the company you are currently sending your monthly payment to.
To learn more about the HARP loan options available to you, visit http://www.confirm-eligibility.com/
If like many homeowners you have been responsible, paid your mortgage on time even though it is higher than market rate, all the while watching those around you buy and refinance at lower and lower rates. Well, good news if finally here. A program you can use to lower your interest rate has come along and you are ready to refinance. That is, the new HARP 2.0 Refinance program, which is intended for homeowners whose loans are owned by Fannie Mae or Freddie Mac, and who owe more than the property is worth, who are under water on their mortgage.
But as the program is set to roll out, it's funny. The question often then arises: "Should I refinance? How many years will it take to pay this mortgage down to what my home is worth now?" And at that point some homeowners consider the real option of doing a short sale.
Certainly there is nothing wrong with a short sale. Lots of people are selling their homes for less than it is currently worth, and the lender is playing along and taking the loss.
But, if you plan to be in the home long term, that is, for a number of years to come, then the HARP 2 refinance may be just the option that helps you keep the home, greatly increase cash flow on the property, and wait it out as your neighborhood increases in value again over the next few years.
Time is one your side, so long as you don't have to move. If you feel secure in your job, and kids are doing well in their schools and with their circle of friends, then you will do well over the long haul to stay in your home, and take advantage of this HARP Refinance and enjoy an increased household cash flow, while also enjoying your home. The home that you have made for your family, where your memories are and have been created. You can now feel very content in staying put in your home, with this new refinance option.
Oh, and here is another consideration about the HARP 2.0 Refinance as opposed to short selling your home. The Hassle Factor. Some people will tout the great real estate deals out there right now, and encourage you to sell your current home so as to be able to take advantage of the great deals out there.
Selling your home on a short sale is not easy. Generally it takes 4-10 months, and a lot of home showings and a lot of paperwork to your current lender. A refinance, on the other hand, and want to refinance with a HARP 2.0 refinance program, you will provide similar paperwork, and then wait 30-45 days to close your loan, depending on the volume of loans that your lender has at the time.
In closing, take a close look at the HARP 2.0 Refinance if you otherwise qualify - meaning your loan is owned by Fannie or Freddie. And, you can follow the link above to see who currently owns your loan. Hint: it is probably not the company you are currently sending your monthly payment to.
To learn more about the HARP loan options available to you, visit http://www.confirm-eligibility.com/
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