Are you hoping to take advantage of President Obama’s overhaul of the Home Affordable Refinance Program (HARP)? The president’s changes to HARP could open the floodgates of demand for mortgage refinancing which could drive up mortgage rates and ultimately your costs. Refinance mortgage rates are still near historically low levels for homeowners that qualify; the problem is many of the homeowners wanting mortgage refinancing can’t qualify. (until now) Here’s an article on MortgageLoan.com with several tips for getting in on the ground floor with President Obama’s refinance plan:
Hoping to qualify for a government-backed refinance of an underwater mortgage under the new rules for the Home Affordable Refinance Program (HARP)? Better act fast. A surge in refinance demand is expected once the new HARP guidelines are announced on Tuesday, Nov. 15. That means those qualified borrowers who get their applications in first will be the first to get approved.
Remember there’s more to mortgage refinancing than just getting the lowest rates. The fees you pay at closing will make or break your home loan as you’ll need to recoup these out-of-pocket expenses before benefiting from mortgage refinancing. Lender markup and junk fees can make it difficult, even possible to break even, making mortgage refinancing a losing proposition.
You can learn more about getting the lowest refinance mortgage rates without paying lender junk fees by checking out my free Underground Mortgage Videos.