Port Saint Lucie HARP Refinance

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Let’s say you have never been late with your mortgage payments but for some reason there isn’t anyone who is interested to allow your home to be refinanced due to its reduction of value? Well, there are ways to take out a refinance mortgage on your property easier and more effective than previously available. Welcome HARP, also known as the Home Affordable Refinance Program. So what precisely is a Port Saint Lucie HARP refinance mortgage?

What is HARP’s Purpose

Created in March of 2009, Port Saint Lucie HARP refinance hopes to be able to provide refinance mortgage loans to home owners whose home decrease in value. This was primarily created to minimize the U.S. housing bubble of 2006. This program however was designed exclusively for home owners who are current on their mortgage payments, but rather have been effectively paying their mortgage loan down.

Who’s Eligible for a Port Saint Lucie HARP Refinance

Same as other government program, Port Saint Lucie HARP has a lot of basic requirements. Take a look at some:

Only mortgages backed by either FNMA or Freddie Mac can be refinanced.
Home Mortgages must have been funded before May 31, 2009.
Home owners can’t have defaulted on any mortgage loan payments, 6 months prior applying for Port Saint Lucie HARP refinance mortgage.
The home’s Loan To Value (LTV) ratio must exceed 80%

There has to be some sort benefit to the homeowner regarding mortgage payments or stability in mortgage.

How do homewoners benefit from HARP?

The Port Saint Lucie HARP refinance mortgage has multiple benefits. For example, if you still have a $150,000 home loan balance on a now $120,000 property, you can have your mortgage refinanced. As such, you pay down the Port Saint Lucie mortgage quicker than before. In addition, the monthly mortgage payments you apply will likely be much smaller than you are currently paying.

If your home has gone down in value and you would like to refinance it, then Port Saint Lucie HARP refinance is for you. If you would like to have further information, or if you would like to contact an expert about Port Saint Lucie HARP mortgage loans, feel free to 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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