Guide To Home Affordable ReFinance Program
Refinancing is a good option when you feel that the loan you have taken is becoming a big burden on your head. But the factor that is being a burden is the interest rate of the home finance. But you could certainly opt for a lower rate of interest by going forward with the option of refinancing. On the other hand, you may even as your financer if you eligible for HARP refinance.
HARP is an abbreviated version of the home affordable re-finance program.re-finance could be said to be a loan that is taken as a top-up to the pre-existing loan.
What Is Harp Re-Finance?
- HARP program is run and introduced by the US government to help those who have been struggling hard to get a refinance as they do not have equity or may only have little equity by themselves.
- HARP is a refinance program started with a sole motive of providing assistance to people with little or no equity by their side.
- One may visit the official website for HARP program details.
Who Is Eligible?
- Eligibility criteria are not really complex for a HARP program.
- The HARP program details convey that you should have a mortgage either guaranteed or owned by Fannie Mae or Freddie Mac.
- Other criteria listed under the same head is it should be sold to any one of them on or before 29 March 2009
Other Important Points
- As the program is solely for people, who are near to foreclosure or have already reached that stage. It has laid some guideline in the harp program details.
- Those guidelines clearly state that one must not have made any payment or not more than one payment in its pre-existing loan account.
- A borrower cannot take advantage of harp on the same property twice. Your appeal to get one will automatically be rejected.
HARP is an excellent option for all those residing in the US, looking for refinancing options. It has varied advantages and one of them is ease of application. The interest rates are not harsh but yes they might fluctuate over time.
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