Hollywood HARP Refinance

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Let’s say you’ve always been great with your home loan payments but for some reason there isn’t anyone who wants to refinance your home because of its declined value? Luckily, there are ways to refinance your property easier and more effective than ever before. Meet HARP, aka the Home Affordable Refinance Program. So what precisely is a Hollywood HARP refinance loan?

What is HARP’s Purpose

Created back in March 2009, Hollywood HARP refinance aims to be able to provide refinance mortgage loans to property owners which owned homes that decrease in value. This was primarily created to counter the United States housing burst bubble of 2006. This program however was created solely for property owners who are current on their home loan payments, but rather have been making timely payments towards paying their home loan down.

Who’s Eligible

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

Only mortgages guaranteed by either FNMA or Freddie Mac are covered by HARP.
Home Mortgages must have been applied for and acquired before May 31, 2009.
Property owners must not have defaulted on any mortgage loan payments, 6 months prior applying for Hollywood HARP refinance.
The loan-to-value ratio must be over 80%

In order to qualify there has to be some benefit to the client in regards to their home loan payments or stability in mortgage.

How do you benefit?

The HARP refinance mortgage has multiple benefits. One example would be, if you still have a $150,000 mortgage on a now $120,000 property, you could have your loan refinanced. In doing so, you pay down the Hollywood home loan faster than before. Furthermore, the monthly mortgage payments you make will most likely be much smaller than before.

If your residence dropped in property value and you want to do a refinance, then Hollywood 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 Hollywood HARP refinances, feel free to 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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