The Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value.
The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, reducing their interest rate, reducing the amortization period, or moving them from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage).
I’m sure you are still wondering “Well how does it work?”. You have to qualify for a HARP Mortgage and this means that you have to be current on your mortgage, verifiable income and your home has to be owned by Fannie Mae or Freddie Mac. There’s a simple tool on our website at www.mymtgsolution.com that will help you find out if your home is owned by Fannie Mae or Freddie Mac.
If you have tried to refinance in the past but were un-able there may still be some options for you. Don’t throw in the towel yet, with mortgage interest rates low, now is the time to take advantage. Contact one of our Utah HARP Mortgage Refinance Experts to learn how you can take advantage today!
Bud Bruening
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