Homeowners whose house is worth less than their mortgage can benefit from the revamped Home Affordable Refinance Program (HARP 2.0). The government has made changes and extended the program deadline until December 31st, 2015. The program was created to help underwater homeowners refinance their high interest mortgages to the current historically low mortgage rates. To qualify, the mortgage has to be on time for the last 12 months and purchased by either Fannie or Freddie Mac by May 31st, 2009 regardless of who their current loan servicer is. Although homeowners make their mortgage payments to lenders such as Bank of America, Wells Fargo, or other local banks there is a good chance that the loan was purchased by Fannie or Freddie by May 31st, 2009. Borrower’s can take advantage of the current low mortgage rates and roll in the closing costs, if needed. In some instances an appraisal is not needed. By taking advantage of the enhanced HARP program, borrowers could save hundreds of dollars every month and thousands over the life of the loan. Call Precision Mortgage today to see if this program or another may be beneficial to you. If you have any further questions please contact me directly at 860-418-7835
