Voice
Fax
Bookmark this Site
 Welcome to the UtahLiving.com Blog

2011-06-06 17:43:56
HARP- New Refinance Option

Are you a homeowner who has an adjustable rate mortgage, or a high interest rate mortgage, or a mortgage balance larger than the value of your home? Nationally, 1 in 4 homeowners is upside down in their home loan. Utah is even more troubling with 1 in 3 homeowners upside down in their home loan.

If your mortgage is owned by Freddie Mac or Fannie Mae, you need to know about their Home Affordable Refinance Program (HARP). Administered by Freddie Mac and Fannie Mae homeowners can refinance to a new loan and lock in at today’s lower fixed interest rates. And their may also be a principal reduction.

To qualify, you need to be a homeowner who is current on your loan payments, and your loan balance is 80% to 125% of your property’s current value. A majority of home owners who purchased in the past 5 years will meet this requirement.

This refinance program was ready to expire June 30, 2011 and has recently been extended one year thru June 30, 2012.

Now you won’t know Freddie or Fannie is your lender by who you’re sending mortgage payment to every month. The Wells Fargo’s, Bank of America’s, Chase’s, etc, brand name lenders may just be “servicing” the loan on behalf of Freddie or Fannie. To find out if you have a Freddie Mac loan, visit www.freddiemac.com. For a Fannie Mae loan visit www.fanniemae.com.

HARP is intended to pull borrowers “above water” and help them get out from under plummeting property values and/or increasing interest rates. Nationally 621,803 homeowners have taken advantage of this program. Yet this represents only 10% of annual home sales nationally so it’s clear many homeowners are not aware of this program. If you have questions, both Freddie and Fannie’s websites have excellent examples, one of which may fit your scenario. Additional questions should be directed to your favored Salt Lake area loan officer or mortgage broker who knows how to speak HARP.

 
Blog Archive
2013-05-04 11:25:19
Prices Are Jumping In Utah

2012-02-15 11:13:52
Salt Lake County 4th Qtr Sales Statistics

2012-02-09 10:21:45
Bank of America One on One Loan Modification Event

2011-08-31 20:56:31
100% Loans Still Available

2011-07-22 09:03:06
Harvest Fresh Veggies at Home

2011-07-20 15:56:32
8 Tips to Guide for Your Home Search

2011-07-05 14:33:23
Energy Independance Day

2011-06-06 17:43:56
HARP- New Refinance Option

2011-05-23 11:04:18
Utah 4th Highest Foreclosure Rate in US

2011-04-27 17:21:22
Good News...Bad News

2011-04-19 13:37:09
Salt Lake County Home Prices Fall 13% From 2010

2010-12-07 09:18:38
Foreclosures in Utah

2010-08-09 11:14:41
The Forgotten Foreclosure Crisis

2010-07-23 10:03:08
Mortgage rates tie record low in Freddie Mac

2010-07-19 18:23:32
Government extends home buyer tax credit

2010-07-16 12:44:03
MARKET REPORT FROM UT ASSOC OF REALTORS

2010-07-13 09:57:13
43.4 million Americans have a credit score of 599

2010-06-01 23:17:31
100% FHA Alternative Loan

2010-05-06 20:35:06
Tax Credit Still Available for Troops!

2010-05-05 14:55:21
Realtor Tour Today

2010-02-07 09:39:22
Sales Are Up For Salt Lake County!

2010-01-23 12:38:55
NAR Help for Haiti

2010-01-20 16:58:46
Affirmation to help you sell your home!

2010-01-20 16:46:53
Affirmation to help you find your perfect home!

2010-01-14 15:17:24
Utah Economic Forecast Looks Good!

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.

SEARCH | NEW LISTINGS | PRICE CHANGES | FAVORITES | FINANCE | CONTACT  
© 2008 Chobeso Inc., All Rights Reserved.
© ProAgentWebsites.com - Terms of Use