Port Saint Lucie HARP Refinance

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Apparently you’ve never been late with your home loan installments but there isn’t anyone who is interested to refinance your home because of its declined value? Luckily, there are ways to refinance mortgage your property easier and better than ever before. Meet HARP, aka the Home Affordable Refinance Program. So what exactly is a Port Saint Lucie HARP refinance mortgage loan?

What is HARP’s Purpose

Launched in March 2009, Port Saint Lucie HARP refinance hopes to be able to provide refinancing to property owners which owned homes that dropped in value. The purpose of this was to minimize the United States of America’s housing bubble of 2006. However this program was created solely for property owners who are current on their home loan installments, but instead have been making timely payments towards paying their home loan off.

Who’s Eligible for a Port Saint Lucie HARP Refinance

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

Only mortgages guaranteed by either Fannie Mae or Freddie Mac are covered by HARP.
Mortgages are required to be closed and funded before May 31, 2009.
Property owners can not have been delinquent on any loan payments, for the 6 months prior to requesting a Port Saint Lucie HARP refinance.
The LTV ratio must be in excess of 80%

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

How do you benefit?

The Port Saint Lucie HARP refinance mortgage has many measurable benefits. One example would be, if you currently have a $150,000 mortgage balance on a now $120,000 property, you could have your loan remortgaged. As such, you pay down the Port Saint Lucie home loan faster than before. Also, the monthly mortgage payments you make will likely be smaller than you are currently paying.

If your residence dropped in value and you would like to refinance your mortgage, then Port Saint Lucie HARP mortgage loans is for you. If you are in need of further information, or would like to contact an expert about Port Saint Lucie HARP refinances, feel free to call us on (877) 442-4023 or complete 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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