Fort Lauderdale HARP Refinance

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So you have always been on time with your home loan installments but nobody wants to refinance your home because of its reduction of value? Luckily, there are ways to refinance your residence faster and more effective than previously available. Meet HARP, also known as the Home Affordable Refinance Program. So now you ask what exactly is a Fort Lauderdale HARP refinance?

The Purpose of HARP

Created in March of 2009, Fort Lauderdale HARP refinance aims to be able to provide refinancing to property owners whose home dropped in value. The purpose of this was to minimize the U.S. housing burst bubble of 2006. This program however was implemented solely for property owners who are current on their home loan installments, but rather have been effectively paying their home loan down.

Who’s Eligible for a Fort Lauderdale HARP Refinance

Just like other government program, Fort Lauderdale HARP refinance has a lot of basic requirements. Here is a closer look at some:

Only mortgage loans secured by either Fannie Mae or Freddie Mac can be refinanced.
Mortgage Loans must have been applied for and acquired before May 31, 2009.
Property owners can not have been delinquent on any home loan payments, 6 months prior applying for Fort Lauderdale HARP refinance loan.
The home’s Loan To Value (LTV) ratio must exceed 80%

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

How do you benefit?

The HARP refinance has many measurable benefits. For example, if you still have a $150,000 home loan balance on a now $120,000 residence, you could have your home loan remortgaged. In doing so, you pay the Fort Lauderdale mortgage quicker than before. In addition, the monthly mortgage payments you apply will most likely be smaller than before.

If your home dropped in property value and you would like to refinance it, then Fort Lauderdale HARP refinance mortgage is for you. If you would like to have additional information, or if you would like to contact an expert about Fort Lauderdale HARP refinances, please 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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