There is a little known program available that is designed to help homeowners refinance their conventional mortgages that are underwater on their mortgage vs. the value of their home. The Home Affordable Refinancing Program, or HARP, allows homeowners whose loans are owned, not serviced, by Fannie or Freddie to refinance to a lower rate and payment without an appraisal and a streamlined process. In the past quarter the number of these loans closing is up 11% and rising offering hope to struggling homeowners.
So how do you know if your loan is owned by Fannie or Freddie? Who services your loan (Bank of America, Wells Fargo, Chase, ect) does not determine if your home is Fannie Mea or Freddie Mac owned. It depends on how your loan was underwritten and if it was originally sold to Fannie or Freddie after you closed, NOT who you send your check to. I can help you determine if yours is and if your loan qualifies for HARP! If you think you might benefit from lowering your rate and payment but have thought you can't refinance your home due to your outstanding balance and value, please contact me to see if your home qualifies for HARP.
Yours in Lending... David
Home Mortgages Made Easy- MA Housing, USDA, FHA, VA, Fannie, Freddie. Helping consumers manage the home mortgage process and streamline their loan through professional, superior service.
