Hollywood HARP Refinance

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So you have always been great with your home loan payments but for some reason nobody is interested to refinance your home due to its declined value? Well, there are ways to refinance mortgage your home faster and more effective than previously available. Meet HARP, aka the Home Affordable Refinance Program. So now you ask what precisely is a Hollywood HARP refinance?

Its Purpose

Launched back in March 2009, Hollywood HARP refinance hopes to provide refinancing to homeowners whose home decreased significantly in value. The purpose of this was to minimize the United States of America’s housing burst bubble of 2006. This program however was implemented solely for homeowners who are current on their home loan payments, but rather have been effectively paying their home loan down.

Eligibility

Just like any other government program, Hollywood HARP refinance loans has many requirements. Take a look at some:

Only mortgages backed by either FNMA or Freddie Mac are covered by HARP.
Mortgage Loans are required to be funded before May 31, 2009.
Homeowners can’t have been delinquent on any loan payments, 6 months prior applying for Hollywood HARP refinance mortgage.
The loan-to-value ratio must be over 80%

There needs to be some type benefit to the home owners in regards to their mortgage payments or stability in mortgage.

How do you benefit?

The HARP refinance mortgage has many measurable benefits. For example, if you currently have a $150,000 mortgage on a now $120,000 home, you could have your loan refinanced. As such, you pay off the Hollywood mortgage quicker than before. Furthermore, the monthly mortgage payments you apply will most likely be much smaller than you are currently paying.

If your residence dropped in value and you want to do a refinance, then Hollywood HARP refinance mortgage is for you. If you would like to have additional information, or if you would like to contact an expert about Hollywood HARP mortgages, please call us at (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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