Hollywood HARP Refinance

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Let’s say you have always been on time with your home loan installments but for some reason nobody wants to allow your home to be refinanced because of its declined value? Luckily, there are ways to take out a refinance mortgage on your residence easier and better than ever before. Meet HARP, also known as the Home Affordable Refinance Program. So what exactly is a Hollywood HARP refinance mortgage loan?

Its Purpose

Created in March 2009, Hollywood HARP refinance hopes to provide refinance mortgage loans to home owners which owned homes that decrease in value. This was primarily created to prevent the United States of America’s housing bubble of 2006. However this program was created solely for home owners who are current on their home loan installments, but instead have been making timely payments towards paying their mortgage loan off.

Who’s Eligible for HARP

Just like other government program, Hollywood HARP has a lot of basic requirements. Take a look at some:

Only mortgages guaranteed by FNMA or Freddie Mac are covered by HARP.
Mortgage Loans are required to be applied for and acquired before May 31, 2009.
Homeowners must not have defaulted on any home loan payments, for the 6 months prior to requesting a Hollywood HARP refinance.
The loan-to-value ratio must be in excess of 80%

In order to qualify there needs to be some type benefit to the homeowner regarding mortgage payments or stability in mortgage.

How do homewoners benefit from HARP?

The Hollywood 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 mortgage refinanced. In doing so, you pay the Hollywood mortgage faster than before. Furthermore, the monthly loan payments you make will most likely be much smaller than you are currently paying.

If your place of residence dropped in value and you would like to refinance your mortgage, then Hollywood HARP mortgage loans is for you. If you require further information, or if you would like to contact an expert about Hollywood HARP refinances, please call us at (877) 442-4023 or complete 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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