Boca Raton HARP Refinance

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Let’s say you’ve been timely with your mortgage payments but nobody is interested to refinance your home because of its reduction of value? Well, there are ways to take out a refinance mortgage on your residence easier and better than ever before. Welcome HARP, also known as the Home Affordable Refinance Program. So what exactly is a Boca Raton HARP refinance loan?

Its Purpose

Launched back in March of 2009, Boca Raton HARP refinance aims to provide refinance mortgage loans to property owners which owned homes that decreased significantly in value. This was primarily created to minimize the U.S. housing burst bubble of 2006. This program however was designed exclusively for property owners who are not behind their mortgage payments, but instead have been effectively paying their mortgage down.

Who’s Eligible for HARP

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

Only mortgage loans guaranteed by either Fannie Mae or Freddie Mac can be refinanced.
Home Mortgages are required to be funded before May 31, 2009.
Home owners can not have defaulted on any mortgage payments, for the 6 months prior to requesting a Boca Raton HARP refinance loan.
The loan-to-value ratio must be at least 80%

In order to qualify there needs to be some benefit to the homeowner in regards to their mortgage payments or stability in mortgage.

How do you benefit?

The Boca Raton HARP refinance has many measurable benefits. One example would be, if you currently have a $150,000 home loan balance on a now $120,000 residence, you could have your mortgage remortgaged. In doing so, you pay off the Boca Raton mortgage faster than before. Furthermore, the monthly mortgage payments you apply will likely be smaller than you are currently paying.

If your home dropped in property value and you would like to refinance your mortgage, then Boca Raton HARP mortgage loans is for you. If you would like to have further information, or if you would like to contact an expert about Boca Raton HARP mortgage loans, feel free to call us on (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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