Which Refinance Option Best Fits Your Situation?
HARP or Traditional Refinance. Find Out If You Are Eligible!
When you refinance, you will receive a completely new mortgage with different rates, terms and monthly payments. Basically, the new loan replaces your old loan. You will also be paying your mortgage payment to a new payee!
Why do people Refinance?
To take advantage of the Current Rates. If the rate is lower than your current rate by .5%, it may be a great opportunity to take advantage of them.
Debt Consolidation. By reducing credit card debt, i.e., from compound interest to simple interest, you can save a lot of money and make larger payment toward the home principle amount.
Ready? Start Now!
Bottom line, when you are considering to refinance, you have two options:
- The federal government’s Home Affordable Refinance Program (HARP) or the Conventional Fannie Mae, Freddie Mac loan.
HARP my be an option if:
Good payment history in the last 12 months.
No late payments in the last 6 months and no more than 30-day late payment from 6 to 12 months ago.
Your home is your Primary residence, 2nd home or an investment property.
Your home value has decreased.
That your 1st mortgage exceeds the current market value of the home.
Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
Your loan was closed on or before May 31, 2009. Fannie Mae Loan Lookup to see if you Qualify
Ready to refinance into a HARP loan?
Traditional Refinance:
If you want to make your payments more comfortable and your home value has increased, you may be able to refinance your mortgage.