What is HARP?
HARP is designed specifically to help borrowers who may be ineligible for traditional refinancing due to a loss of home value or because they have little or no equity. Like other refinancing options, with HARP you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment or move you into a more stable loan product, which could help improve your monthly financial situation.
HARP may be an option if:
- You are “current” on your mortgage payments (“current” means you have not been 30 days or more late in the last six months and you were not more than one time 30 days late in the six-month period prior to the last six months)
- Your home value has decreased
- You have limited equity or your first mortgage exceeds the current market value of the home (i.e., yourloan-to-value ratio must be > 80% to be eligible)
- Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
- Your loan was acquired by Fannie Mae or Freddie Mac on or before May 31, 2009 (this date can be found in the Loan Lookup results)
What are the benefits?
- Make your payment more affordable by lowering your interest rate or adjusting the other terms of your loan
- May help you build equity faster and save you money (i.e., shorter loan term and lower total interest paid)
- Make loan more stable (i.e., fixed interest rate vs. adjustable interest rate)
- Stay in your home and avoid foreclosure
How does it work?
If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP Lender will work with you through every step, and will help determine if HARP meets your specific needs.
Give me a to see if you qualify for a Refinance loan using the HARP Loan program.
Joel Lobb (NMLS#57916)Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com
Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
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