What Is HARP 2, and How Can It Help Home Owners?
Can HARP 2.
0 help you? Find out if you can take advantage of today's low rates to refinance your property The Home Affordable Refinance Program, or HARP, was created to address the problem faced by millions of homeowners who have been unable to take advantage of historically low mortgage refinance rates because their property values have fallen.
The program started slowly in March 2009, and was criticized by some for being overly complex and not helping enough homeowners.
But while HARP originally received mixed reviews, the revamped "HARP 2.
0" that launched in March has the makings of a huge hit.
At least 750,000 homeowners have applied to the program as of May 2012, Housing and Urban Development Secretary Shaun Donovan.
Those homeowners whose applications are accepted can expect to save an average of $2,500 per year on mortgage payments.
This new and improved version of the original HARP is now hitting its stride with several important enhancements that make the program more accessible to a larger number of homeowners.
Now, as the program becomes more popular and applications rise, even more lenders are gearing up to participate.
What can HARP 2.
0 do for homeowners? HARP 2.
0 is unique in that it is "the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits," according to Fannie Mae.
The expectation for HARP 2.
0 refinancing is to put responsible borrowers who have stayed current on their mortgages in a better position by:
0 will allow these responsible borrowers to refinance their current mortgages for more affordable payments, save money and prevent foreclosures.
And although the original HARP resulted in financing for fewer than 1 million homeowners, HARP 2.
0 has some important enhancements that borrowers should know about.
If you think you might benefit from this popular refinancing program, stay tuned.
We will be answering HARP 2.
0 frequently asked questions in future articles.
Want to learn more? Download your FREE guide to HARP 2.
0 or call 408.
600.
0700 to see if you can qualify.
0 help you? Find out if you can take advantage of today's low rates to refinance your property The Home Affordable Refinance Program, or HARP, was created to address the problem faced by millions of homeowners who have been unable to take advantage of historically low mortgage refinance rates because their property values have fallen.
The program started slowly in March 2009, and was criticized by some for being overly complex and not helping enough homeowners.
But while HARP originally received mixed reviews, the revamped "HARP 2.
0" that launched in March has the makings of a huge hit.
At least 750,000 homeowners have applied to the program as of May 2012, Housing and Urban Development Secretary Shaun Donovan.
Those homeowners whose applications are accepted can expect to save an average of $2,500 per year on mortgage payments.
This new and improved version of the original HARP is now hitting its stride with several important enhancements that make the program more accessible to a larger number of homeowners.
Now, as the program becomes more popular and applications rise, even more lenders are gearing up to participate.
What can HARP 2.
0 do for homeowners? HARP 2.
0 is unique in that it is "the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits," according to Fannie Mae.
The expectation for HARP 2.
0 refinancing is to put responsible borrowers who have stayed current on their mortgages in a better position by:
- Reducingmonthly principal and interest payments
- Reducing interest rates
- Reducing the term of the loan
- Moving from riskier loans such as an interest-only mortgage or a short-term adjustable rate loans to more stable offerings such as a fixed-rate mortgages
0 will allow these responsible borrowers to refinance their current mortgages for more affordable payments, save money and prevent foreclosures.
And although the original HARP resulted in financing for fewer than 1 million homeowners, HARP 2.
0 has some important enhancements that borrowers should know about.
If you think you might benefit from this popular refinancing program, stay tuned.
We will be answering HARP 2.
0 frequently asked questions in future articles.
Want to learn more? Download your FREE guide to HARP 2.
0 or call 408.
600.
0700 to see if you can qualify.