The Home Affordable Refinance program was established back in 2009 to help homeowners who have lost equity in their home or are currently underwater on their mortgage. Since then many homeowners have refinanced their mortgage and have benefited with a lower interest rate or payment. However, there are other homeowners who have not had the opportunity to refinance to today's low rates because their loan does not meet the current HARP guidelines.
The Federal Housing Finance Agency estimates 1-2 million homeowners are still eligible for the HARP and paying above current market rates. One of the main criteria for qualifying for HARP is the borrower's existing loan must have been sold to Fannie Mae of Freddie Mac by May 31, 2009.
The good news is that effective October 27, 2013 the requirement will no longer be based on when the loan was sold to Fannie Mae or Freddie Mac, but on the day of the actual note. Borrowers who closed on or before May 31, 2009 will be eligible to refinance under HARP.
Find out what's happening in La Grangefor free with the latest updates from Patch.
If you owe more than what your home is worth and don't know if you qualify for HARP, contact me for a free consultation. I'd be happy to review your current mortgage.
Find out what's happening in La Grangefor free with the latest updates from Patch.
Priscilla Land
Senior Loan Originator, NMLS #218890
Prestige Mortgage Corporation
130 N La Grange Road, Suite 101, La Grange, IL 60525
Office: 708-579-3333 Cell: 708-566-0661
priscilla@prestige-mortgage.com
Se habla español
Equal Housing Lender| Illinois Residential Mortgage Licensee| NMLS 137686
