The Home Affordable Refinance Program (HARP) is a government program which is crafted to assist the underwater homeowners to refinance their houses and lower the monthly payment of their mortgage by decreasing their rate of interest in several instances. According to the HARP site, in the United States of America, an average homeowner saves about $179 every month and pays quite less during the long life of a loan. You may want to refinance your loan with a lower payment and pay off the loan way faster by building better and more equity within a really short time period. You might have a lot of questions regarding HARP, this article will help you in answering all questions. At the end of this article, you will be able to figure out the basics HARP as well as several other aspects of HARP. Given below are some of the most frequently asked questions regarding HARP.
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Frequently asked HARP CASHOUT QUESTIONS
1. Will I be able to refinance with the help HARP if I am having a second mortgage?
Yes, you may refinance with the help of HARP even if you have got a second mortgage but, in the only accordance with the HARP guidelines, you might not be able to combine the two mortgages into the cash-out refinance.
To refinance the first mortgage with HARP, however, you must leave the second mortgage unaltered, the second mortgage lender is going to agree to subordinate the mortgage, that is a way of telling that the second mortgage lender is going to give the permission for you in order to replace the first lien on the title.
2. Will I be able to refinance with the help of HARP even if I have got no equity in my home?
Yes, you may refinance your house with the help of HARP even if you have no equity. That is the premise of this program!
HARP is an “underwater mortgage program” and therefore you may surely use HARP when you have no home equity.
3. If I have once been turned down, can I apply again for HARP?
Even though you have been turned down to get HARP before, you might surely apply for the HARP program again. It is because the HARP-approved lenders usually use the in-house deviations of officials and the government-issued rules and guidelines for HARP.
The variations, which are called the “investor overlays”, vary bank-wise. So if you are turned down by one, you may apply in another.
4. Will I be able to refinance my home with the help of HARP even if the house is not the primary residence?
HARP 2.0 might be used in refinancing houses of any type of occupancy. Investment properties might be refinanced with the help of HARP, and so can the second homes as well as the vacation properties. HARP may be used across the 50 states of America, the District of Columbia, as well as at all the U.S. territories.
5. If the lender I have is not willing to offer me HARP, can I get it from a bank?
It is absolutely true that HARP is not offered by all the lenders. MortgageAdv.com provides HARP loans for those that qualify. However, U.S. homeowners are absolutely free for refinancing with the help of other HARP-approved lenders. This is another feature that was added in HARP 2.0.
6. Will I be able to use HARP even if I am ahead on my mortgage payments?
HARP refinance is not meant for the homeowners who have been behind in their mortgage payments. HARP is only to be used for the homeowners who are absolutely current. HARP is not aimed at saving someone’s home from foreclosure. The homeowners who are facing difficulties with payment must contact the loan service provider they have immediately.
7. Will I be able to use HARP even if the loan I have is equipped with private mortgage insurance?
You might use HARP 2.0 for your loans having PMI or Private Mortgage Insurance. It is a deviation from HARP 1.0 which applies to the loans with the Borrower-Paid Mortgage Insurance or BPMI as well as the Lender-Paid Mortgage Insurance or LPMI.
However, it might be tough to find banks which offer a PMI program.
In case you are trying to refinance the loan with a PMI and are being turned down by the lenders, you may apply with MortgageAdv.com and might get better results.
What are the mortgage rates of today?
Today there are several hundred thousand houses which we are able to refinance with the help of HARP and save ample money.
Making today’s mortgage rates easy. Your social security number is not even necessary to start; all the quotes are available with the access to your mortgage credit live scores.
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