Miami Beach HARP Refinance

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So you have always been great with your home loan payments but nobody wants to refinance your home because of its reduction of value? Luckily, there is a way to refinance your property easier and more effective than previously available. Meet HARP, aka the Home Affordable Refinance Program. So now you ask what exactly is a Miami Beach HARP refinance mortgage loan?

Purpose of Miami Beach HARP Refinance

Launched back in March 2009, Miami Beach HARP refinance hopes to provide refinancing to property owners whose home dropped in value. The purpose of this was to minimize the United States of America’s housing bubble of 2006. This program however was created exclusively for property owners who are not behind their home loan payments, but instead have been effectively paying their mortgage down.

Who’s Eligible

Same as any other government program, Miami Beach HARP refinance has many requirements. Take a look at some:

Only home loans backed by either Fannie Mae or Freddie Mac are covered by HARP.
Mortgage Loans must have been funded before May 31, 2009.
Homeowners can not have been delinquent on any home loan payments, for the 6 months prior to requesting a Miami Beach HARP refinance.
The LTV ratio must exceed 80%

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

How do you benefit?

The Miami Beach HARP refinance has many measurable benefits. For example, if you still have a $150,000 mortgage balance on a now $120,000 property, you can have your mortgage remortgaged. In doing so, you pay the Miami Beach mortgage faster than before. In addition, the monthly loan payments you apply will most likely be smaller than you are currently paying.

If your place of residence dropped in property value and you want to do a refinance, then Miami Beach HARP refinance mortgage is for you. If you require additional information, or would like to contact an expert about Miami Beach HARP mortgage loans, 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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