Sunrise HARP Refinance

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Let’s say you’ve never been late with your mortgage payments but there isn’t anyone who is interested to allow your home to be refinanced due to its depletion of value? Well, there are ways to take out a refinance mortgage on your home faster and more effective than ever before. Meet HARP, aka the Home Affordable Refinance Program. So now you ask what exactly is a Sunrise HARP refinance mortgage loan?

Purpose of Sunrise HARP Refinance

Created in March of 2009, Sunrise HARP refinance hopes to be able to provide refinancing to home owners which owned homes that decreased significantly in value. The purpose of this was to prevent the U.S. housing bubble of 2006. This program however was designed solely for home owners who are current on their mortgage payments, but rather have been effectively paying their home loan off.

Who’s Eligible

Same as other government program, Sunrise HARP refinance loans has many requirements. Take a look at some:

Only mortgage loans backed by either Fannie Mae or Freddie Mac are covered by HARP.
Home Loans are required to be applied for and acquired before May 31, 2009.
Homeowners must not have been delinquent on any home loan payments, for the 6 months prior to requesting a Sunrise HARP refinance mortgage.
The LTV ratio must be in excess of 80%

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

How do you benefit?

The Sunrise HARP refinance mortgage has multiple benefits. For example, if you still have a $150,000 home loan balance on a now $120,000 home, you can have your loan remortgaged. In doing so, you pay down the Sunrise mortgage quicker than before. In addition, the monthly mortgage payments you apply will most likely be smaller than before.

If your residence has gone down in property value and you would like to refinance it, then Sunrise HARP refinance mortgage is for you. If you would like to have further information, or would like to contact an expert about Sunrise HARP refinances, 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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