Boca Raton HARP Refinance

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Let’s say you have been timely with your home loan installments but for some reason nobody wants to allow your home to be refinanced because of its depletion of value? Luckily, there is a way to refinance mortgage your property easier and more effective than previously available. Welcome HARP, aka the Home Affordable Refinance Program. So what exactly is a Boca Raton HARP refinance mortgage loan?

What is HARP’s Purpose

Launched in March of 2009, Boca Raton HARP refinance hopes to be able to provide refinance mortgage loans to homeowners whose home decreased significantly in value. The purpose of this was to minimize the United States of America’s housing bubble of 2006. This program however was created exclusively for homeowners who are current on their home loan installments, but instead have been making timely payments towards paying their home loan off.

Eligibility

Just like any other government program, Boca Raton HARP has a lot of basic requirements. Here is a closer look at some:

Only mortgages backed by Fannie Mae or Freddie Mac are covered by HARP.
Mortgages must have been closed and funded before May 31, 2009.
Home owners can’t have defaulted on any loan payments, 6 months prior applying for Boca Raton HARP refinance loan.
The home’s Loan To Value (LTV) ratio must be over 80%

There has to be some benefit to the client in terms of their home loan payments or stability in mortgage.

How do you benefit?

The Boca Raton HARP refinance has multiple benefits. For example, if you still have a $150,000 mortgage balance on a now $120,000 property, you can have your home loan refinanced. As such, you pay off the Boca Raton home loan faster than before. Also, the monthly loan payments you make will most likely be much smaller than before.

If your home dropped in value and you would like to do a refinance, then Boca Raton HARP mortgage loans is for you. If you require additional information, or would like to speak to an expert about Boca Raton HARP refinances, feel free to call us at (877) 442-4023 or fill out our rate quote form.

 

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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