Miami Beach HARP Refinance

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Apparently you have always been on time with your mortgage loan installments but there isn’t anyone who wants to refinance your home due to its reduction of value? Well, there is a way to refinance mortgage your residence faster and more effective than previously available. Welcome HARP, otherwise known as the Home Affordable Refinance Program. So what exactly is a Miami Beach HARP refinance?

The Purpose of HARP

Launched in March of 2009, Miami Beach HARP refinance hopes to be able to provide refinancing to property owners which owned homes that dropped in value. This was primarily created to counter the U.S. housing bubble of 2006. However this program was created exclusively for property owners who are current on their mortgage loan installments, but instead have been effectively paying their mortgage loan off.

Who’s Eligible

Similar to any other government program, Miami Beach HARP has a lot of basic requirements. Take a look at some:

Only mortgage loans guaranteed by FNMA or Freddie Mac are covered by HARP.
Mortgages are required to be closed and funded before May 31, 2009.
Property owners can not have defaulted on any home loan payments, 6 months prior applying for Miami Beach HARP refinance mortgage.
The loan-to-value ratio must be over 80%

There must be some type benefit to the client in terms of their mortgage payments or stability in mortgage.

How do homewoners benefit from HARP?

The Miami Beach HARP refinance mortgage has multiple benefits. For example, if you still have a $150,000 mortgage balance on a now $120,000 residence, you could have your mortgage remortgaged. As such, you pay off the Miami Beach mortgage quicker than before. Furthermore, the monthly loan payments you make will likely be smaller than before.

If your home has gone down in property value and you would like to do a refinance, then Miami Beach HARP mortgage loans is for you. If you would like to have additional information, or if you would like to speak to an expert about Miami Beach HARP mortgages, please call us at (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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