How To Refinance When You Owe More Than Your Home Is Worth
As the housing market rises and falls over time, many homeowners find themselves in a position of owing more on their mortgage loan than their home is actually worth. Luckily, there is help for folks in this situation – and the program has been extended through September 2017.
The Home Affordable Refinance Program (HARP) allows homeowners whose loan amounts exceed the value of their homes to apply for assistance through the federal government. The proginal program expired in 2015, but Congress has extended its life due to the success of its offerings. The only caveat is that the homeowner must be current on mortgage payments in order to qualify.
Through HARP, the Federal Housing Finance Agency has assisted more than three million homeowners in refinancing an underwater or near-underwater home. Refinancing can mean a better interest rate, lower monthly payments and an easier avenue to gain equity in the property and climb out from “underwater” status.
HARP is specifically designed to approve more homeowners, even those who have been turned down for refinance by traditional lenders. The process is streamlined to be quick, with little paperwork and easy qualifying guidelines.
Interested homeowners can learn more, or begin the application process, by calling 888-666-5019 or by visiting HARP on the web.
Image via Flickr/loanmodificationkey