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REFINANCE


Refinancing a home loan allows a homeowner to pay off his existing mortgage and create a new mortgage agreement at a lower interest rate. Refinancing benefits the homeowner by reducing monthly payments, modifying the loan term and, in some cases, freeing up cash to consolidate bills, finance a project or pay for a child's education.

Home Affordable Refinance Program (HARP)

HARP is the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.

HARP may be an option if:


  • You have had a good payment history for the past 12 months.
  • Your home is your primary residence, 2nd home or investment property.
  • Your home value has decreased.
  • You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
  • Your loan was closed on or before May 31, 2009.


Call (909) 552-5888 to schedule a free, no obligation consultation and find out if you qualify.