HARP loans set another record this years. Surpasing most expectations for volume but many are still missing out on getting a lower mortgage rate. The HARP program allows homeowners who are underwater on their 1st and 2nd second mortgages and whose loans are owned by Fannie Mae or Freddie Mac to refinance into a new first mortgage at todays low rates. They cannot payoff the second mortgage but the savings on the first mortgage usually provides substantial overall payment benefit. The savings can then be applied to paying down their second mortgages.
At www.MichaelFoote.com you can find a source for HARP loans with-out LTV restrictions. What does that mean? Well in many cases HARP is not the same from lender to lender. Some banks limit the LTV to 105% or 120% when in reality the program does not have a LTV or HLTV cap.
Make sure to visit my site and reach out to see if you qualify for a HARP loan. In some cases you may even qualify for a conventional loan with an even lower rate. With values rising at an ever increasing pace, its not uncommon for homeowners to not realize how much their homes are worth today.
If you have an FHA loan, don't forget about the streamline mortgage program. It MANDATES you have to save money and doesnt require a income documentation or appraisal. Just make sure you've made your first six payments on your current loan on time...and chances are you qualify.
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