Useful Facts about the New Federal Refinance Program
The Obama administration’s new federal refinance program HARP can offer a real opportunity to financially struggling homeowners in lowering their monthly payments substantially. By qualifying for the HARP, one could be able to save home from getting foreclosed and as the interest rates on HARP home refinancing loans will be much lower, hundreds of dollars can be saved every month on mortgage payments. This way one could get rid of existing unaffordable high interest rate home mortgage loans and obtain monthly installments which can be easily paid back. Nevertheless, it could be better if you knew what lenders look for when providing HARP approvals.
USLOANZ.COM offers professional services online to guide borrowers in improving their chances of qualifying for HARP mortgage program online as well as in enabling them to derive solutions that work best for their specific financial situations regardless of credit histories. As per rules and regulations which apply to the federally backed Obama mortgage refinance plan, applicants are needed to meet the below mentioned eligibility guidelines.
- Only Fannie Mae or Freddie Mac insured home mortgages can qualify for the HARP refinance home loans.
- Sale of existing mortgage loans to either of these agencies must have taken place been before 31st may, 2009.
- Applicants need to be owners as well as primary residents in the homes that are to be refinanced to low interest rates.
- Borrowers must be current in paying their present monthly mortgage installments for the past 12 months.
- Financial hardship situation needs to be clearly demonstrated by providing valid reasons that eventually lead to it.
Besides, the making home affordable refinance plan requires applicants to tender correct and accurate documentation if they are to fancy their chances of being HARP approved. Additionally, for finding the lowest possible home refinance rates, it could be important for a borrower to get numerous free non-binding proposals from different lenders and compare them with the help of an online mortgage loan calculator or by making use of some reputed online comparison websites. The process can be totally rigorous apart from being complicated and confusing. However, by availing expert assistance, your task could become easier and stress free.
Online mortgage refinance firm could actively assist you to enhance your chances of getting qualified for the Obama refinance plan through a process which is simple, easy and absolutely hassle free. In addition, you could be helped to secure a solution that is very much affordable and favorable to satisfy your unique kind of financial needs and requirements.