Are you underwater in your current home loan? Tuesday, November 15th 2011 is an important day for you as the government will be releasing new guidelines for HARP 2.0. President Obama revamped the Home Affordable Refinance Program by Executive Order and gone are the loan-to-value requirements of the old program. That’s right, it no longer matters how underwater you are in your home mortgage loan you can qualify as long as your payments are current and Fannie or Freddie backs your loan. Here’s an article on MortgageLoan.com about the President’s changes will impact you:
Next Tuesday is an important date for homeowners who have underwater mortgage loans. That’s when the federal government is due to release its new guidelines for the revised Home Affordable Refinance Program (HARP). The new guidelines are intended to make it easier for homeowners who are in negative equity to refinance their home loans at today’s low interest rates. Outside of HARP, it’s virtually impossible for homeowners to refinance a mortgage if they owe more than their property is worth.
Mortgage Refinancing has been a frustrating proposition for seven million underwater homeowners in the United States. Refinance mortgage rates are at historically low levels and up until now the best mortgage lenders like Amerisave were snubbing homeowners with loan-to-value ratios over 125%.
Just remember once you qualify for HARP you’ll need to pay close attention to the fees you pay. Closing costs like the loan origination fee decide how good of a deal you’re getting when mortgage refinancing as you’ll have to recoup these out-of-pocket expenses from your lower payment amount before benefiting from your new home loan.
You can learn more about getting today’s best refinance mortgage rates without paying unnecessary fees by checking out my free Underground Mortgage Videos.