The government announced a while back that they will be expanding the HARP program for homeowners who owe more on their mortgage than their home is worth.
HARP (Home Affordable Refinance Program) is a program that allows homeowners who owe more on their mortgage than the home is worth to refinance and save a lot of money on their payments.
"I am excited that home owners who have done the right thing”, says Jim Duffy, Mortgage Banker and Home Mortgage Expert. “Making their payments on time will finally be able to take advantage of these very low mortgage rates."
All those who have a current loan that is owned by Fannie Mae or Freddie Mac and their current mortgage have been closed before June 1, 2009 are eligible for the HARP Program.
“Fannie and Freddie do not service loans, so they may own your loan even though you make your payments to another bank or lender”, explains Jim. “So the first step is to check to see if they have your loan.”
HARP program began in April 2009 to help underwater homeowners. HARP stands for Home Affordable Refinance Program – and depending on the agency or lender, it also goes by the names: Making Home Affordable, Refinance Plus, Relief Refinance, and sometimes the Obama refinance program.
HARP is designed to help you get a new, more affordable, more stable mortgage. So if you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through HARP.
More information about this program can be looked up on http://www.mortgagelenderatlanta.com/
For more information please contact
Jim Duffy, Mortgage Banker
Cole Taylor Mortgage
Tel: 1-800-MY-LOANS (1-800-695-6267)
4485 Tench Road, Ste 740
Suwanee, GA 30024