Fort Lauderdale HARP Refinance

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Apparently you have always been on time with your mortgage loan payments but nobody wants to allow your home to be refinanced because of its declined value? Well, there is a way to take out a refinance mortgage on your residence easier and better than previously available. Meet HARP, aka the Home Affordable Refinance Program. So now you ask what exactly is a Fort Lauderdale HARP refinance loan?

The Purpose of HARP

Created back in March of 2009, Fort Lauderdale HARP refinance aims to be able to provide refinancing to homeowners whose home decreased significantly in value. The purpose of this was to counter the United States housing burst bubble of 2006. This program however was designed solely for homeowners who are not behind their mortgage loan payments, but instead have been making timely payments towards paying their home loan down.

Who’s Eligible for HARP

Same as any other government program, Fort Lauderdale HARP refinance has many requirements. Take a look at some:

Only home loans backed by Fannie Mae or Freddie Mac can be refinanced.
Home Mortgages are required to be applied for and acquired before May 31, 2009.
Home owners must not have defaulted on any home loan payments, 6 months prior applying for Fort Lauderdale HARP refinance mortgage.
The home’s Loan To Value (LTV) ratio must be at least 80%

In order to qualify there needs to be some sort benefit to the client regarding home loan payments or stability in mortgage.

Who benefits from HARP?

The HARP refinance mortgage has multiple benefits. For example, if you currently have a $150,000 mortgage on a now $120,000 residence, you could have your home loan remortgaged. As such, you pay down the Fort Lauderdale home loan faster than before. In addition, the monthly loan payments you apply will likely be smaller than you are currently paying.

If your place of residence dropped in value and you want to refinance your mortgage, then Fort Lauderdale HARP home loans is for you. If you would like to have additional information, or if you would like to speak to an expert about Fort Lauderdale HARP mortgage loans, feel free to call us at (877) 442-4023 or complete 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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