Cape Coral HARP Refinance

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Apparently you’ve been timely with your mortgage installments but for some reason nobody is interested to refinance your home due to its depletion of value? Luckily, there are ways to refinance mortgage your residence easier and more effective than ever before. Welcome HARP, also known as the Home Affordable Refinance Program. So what exactly is a Cape Coral HARP refinance loan?

Its Purpose

Launched back in March 2009, Cape Coral HARP refinance hopes to provide refinance mortgage loans to property owners which owned homes that decreased significantly in value. This was primarily created to minimize the United States of America’s housing bubble of 2006. This program however was implemented solely for property owners who are not behind their mortgage installments, but instead have been effectively paying their mortgage down.

Eligibility

Same as any other government program, Cape Coral HARP has many requirements. Take a look at some:

Only mortgages backed by either Fannie Mae or Freddie Mac can be refinanced.
Home Mortgages must have been applied for and acquired before May 31, 2009.
Home owners can’t have defaulted on any mortgage loan payments, for the 6 months prior to requesting a Cape Coral HARP refinance.
The LTV ratio must be over 80%

There must be some type benefit to the homeowner regarding mortgage payments or stability in mortgage.

How do homewoners benefit from HARP?

The Cape Coral HARP refinance mortgage has multiple benefits. One example would be, if you currently have a $150,000 mortgage balance on a now $120,000 residence, you can have your home loan remortgaged. As such, you pay off the Cape Coral mortgage quicker than before. Also, the monthly loan payments you apply will likely be smaller than you are currently paying.

If your residence dropped in value and you would like to do a refinance, then Cape Coral HARP refinance mortgage is for you. If you require further information, or if you would like to contact an expert about Cape Coral HARP mortgage loans, please call us on (877) 442-4023 or fill out our rate quote form.

 

 

Contact Us

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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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