Fort Lauderdale HARP Refinance

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Apparently you’ve always been on time with your mortgage payments but for some reason nobody wants to allow your home to be refinanced due to its reduction of value? Luckily, there is a way to refinance mortgage your property easier and more effective than previously available. Meet HARP, otherwise known as the Home Affordable Refinance Program. So what precisely is a Fort Lauderdale HARP refinance mortgage loan?

What is HARP’s Purpose

Created in March 2009, Fort Lauderdale HARP refinance aims to be able to provide refinancing to property owners which owned homes that decreased significantly in value. This was primarily created to prevent the United States of America’s housing burst bubble of 2006. This program however was implemented solely for property owners who are not behind their mortgage payments, but rather have been effectively paying their home loan down.

Who’s Eligible for HARP

Similar to other government program, Fort Lauderdale HARP has a lot of basic requirements. Take a look at some:

Only home loans guaranteed by either FNMA or Freddie Mac are covered by HARP.
Mortgage Loans must have been closed and funded before May 31, 2009.
Property owners can not have been delinquent on any loan payments, for the 6 months prior to requesting a Fort Lauderdale HARP refinance.
The home’s Loan To Value (LTV) ratio must be at least 80%

In order to qualify there must be some type benefit to the property owner in regards to their mortgage payments or stability in mortgage.

Who benefits from HARP?

The HARP refinance mortgage has many measurable benefits. One example would be, if you currently have a $150,000 home loan balance on a now $120,000 property, you can have your loan remortgaged. In doing so, you pay down the Fort Lauderdale mortgage faster than before. Also, the monthly mortgage payments you apply will likely be much smaller than before.

If your residence dropped in property value and you want to do a refinance, then Fort Lauderdale HARP home loans is for you. If you would like to have additional information, or would like to speak to an expert about Fort Lauderdale HARP refinances, please 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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