Boca Raton HARP Refinance

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So you’ve never been late with your mortgage loan installments but nobody is interested to refinance your home because of its reduction of value? Well, there are ways to refinance your property easier and more effective than previously available. Meet HARP, aka the Home Affordable Refinance Program. So what exactly is a Boca Raton HARP refinance mortgage loan?

What is HARP’s Purpose

Created in March of 2009, Boca Raton HARP refinance aims to provide refinance mortgage loans to property owners which owned homes that decrease in value. This was primarily created to prevent the U.S. housing bubble of 2006. However this program was created exclusively for property owners who are current on their mortgage loan installments, but rather have been effectively paying their mortgage loan down.

Eligibility

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

Only home loans guaranteed by either FNMA or Freddie Mac are covered by HARP.
Home Loans are required to be closed and funded before May 31, 2009.
Home owners can’t have defaulted on any home loan 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 type benefit to the client regarding home loan payments or stability in mortgage.

How do homewoners benefit from HARP?

The Boca Raton HARP refinance has multiple benefits. One example would be, if you still have a $150,000 mortgage on a now $120,000 property, you can have your mortgage refinanced. As such, you pay off the Boca Raton home loan faster than before. Also, the monthly loan 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 it, then Boca Raton HARP refinance mortgage is for you. If you would like to have additional information, or would like to contact an expert about Boca Raton HARP mortgage loans, 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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