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Brent Prockish Team at Total Lending Concepts
HARP 2.0 Is In Full Swing
See if You Can Benefit
These days, the word harp stands for more than just a beautiful musical instrument. In the home loan arena HARP 2.0 stands for the Home Affordable Refinance Program. But what is HARP 2.0 exactly and–most important of all–can you benefit? Read on for details.
HARP 2.0 is an enhanced refinance program that allows homeowners with qualifying mortgages to be able to take advantage of today's historic low interest rates, even if their home has decreased in value or is worth less than their mortgage balance. The program was first enacted in May 2009, but was enhanced recently to give more homeowners the opportunity to refinance.
You may be making payments to your lender or servicer without realizing that Fannie Mae or Freddie Mac actually own the loan. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:
In addition, many of the fees associated with the original program have been reduced or eliminated. Also, a full appraisal may not be required–which can save time, money, and perhaps some anxiety.
HARP 2.0 allows for refinancing to a lower interest rate and payment, shortening the term of the loan, moving from an adjustable rate mortgage to a fixed rate mortgage–or some combination thereof.
Occupancy may have changed since the original loan was written, and in some cases the property can even be listed for sale.
The Bottom Line
Total Lending Concepts NMLS #1043976 (Corporate) #2348348 (KS Branch) 6900 College Blvd., Suite 800, Overland Park, KS, 66211 (KS Office) 219 E Broadway, Columbia, MO. 65203 (MO Office)
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|Brent Prockish Team at Total Lending Concepts
6900 College Blvd., Suite 800
Overland Park, KS 66211
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