Miami Beach HARP Refinance

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Let’s say you’ve always been great with your home loan installments but for some reason there isn’t anyone who is interested to refinance your home because of its depletion of value? Well, there is a way to refinance mortgage your property easier and better than previously available. Welcome HARP, also known as the Home Affordable Refinance Program. So what precisely is a Miami Beach HARP refinance mortgage?

What is HARP’s Purpose

Launched in March 2009, Miami Beach HARP refinance aims to provide refinance mortgage loans to property owners whose home decrease in value. This was primarily created to minimize the United States housing burst bubble of 2006. However this program was created solely for property owners who are current on their home loan installments, but instead have been effectively paying their mortgage loan off.

Who’s Eligible for HARP

Just like any other government program, Miami Beach HARP refinance loans has many requirements. Here is a closer look at some:

Only mortgage loans secured by either FNMA or Freddie Mac are covered by HARP.
Mortgage Loans are required to be applied for and acquired before May 31, 2009.
Homeowners can not have defaulted on any mortgage payments, 6 months prior applying for Miami Beach HARP refinance mortgage.
The LTV ratio must be over 80%

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

Who benefits from HARP?

The Miami Beach HARP refinance has multiple benefits. For example, if you currently have a $150,000 home loan balance on a now $120,000 property, you can have your home loan remortgaged. As such, you pay off the Miami Beach home loan faster than before. Also, the monthly mortgage payments you make will most likely be much smaller than before.

If your residence has gone down in value and you would like to refinance your mortgage, then Miami Beach HARP refinance mortgage is for you. If you are in need of additional information, or would like to contact an expert about Miami Beach HARP mortgages, please 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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