Homeowners Fight Back Against Banks With This $357 A Month Federal Program
1 hour 15 minutes ago
HARP is blessing homeowners with an extra $4,264 each year. Here's how it works.
Still unknown to many, this brilliant government program called the Home Affordable Refinance Plan (HARP) could benefit millions of Americans reduce their monthly payments by as much as $4,264 each year.1
The government has announced that this program will expire on December 31st 2016 and is making a final push urging homeowners to take advantage of this program. If lowering your payments, paying off your mortgage faster, and even taking some cash out would help you, it is vital you act now.
A Stimulus Plan for American Homeowners
If your mortgage is less than $625,000, your chances of qualifying for HARP could be high. The Government wants the banks to cut your rates, which puts more money in your pocket, ultimately boosting the economy.
However, the banks are not happy about this. Here's why:
- The program makes it easier to qualify for lower mortgage rates
- You have the option to shop lenders other than your current mortgage holder
You think banks like the above? Rest assured, they do not. They would rather make more money by keeping you at the higher rate you financed at years ago. The middle class seems to miss out on everything, and jumping on this benefit is a no-brainer.
SUMMARY: HARP is reducing payments of millions of homeowners in the country. But the program is going to end at the end of 2016, so homeowners should check to see if they qualify if they haven't done so already.
See How Much You Qualify For »
Why Should You Care?
- The average monthly savings is $250. Could you use an extra $250/month?2
- On top of the savings, many homeowners could pay off their mortgage faster.
- Homeowners can even take cash out for home improvements, pay off debt, or pay for their children's education.
Where Do I Start?
The service I recommend is this mortgage reduction site, which has one of the biggest lender networks in the nation and what’s better is that they work with HARP lenders to provide consumers with a comprehensive set of mortgage options. It takes about five minutes, and the service is 100% free.
All you need to do is apply quickly at their free website, then you'll see why myself and every other financial expert I know are revising our mortgages immediately...
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THIS IS AN ADVERTISEMENT AND NOT AN ACTUAL NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE.
Average monthly savings from http://www.freddiemac.com/finance/pdf/RefiReport2013Q3.pdf State of the Union transcript - http://www.whitehouse.gov/the-press-office/2012/01/24/remarks-president-state-union-address. Further information for this can be found at http://www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html Under provisions of the Making Homes Affordable Act(a.k.a. HARP 2.0), signed into law by President Obama, Fannie Mae has removed certain loan refinance requirements for qualifying loans including the Loan-To-Value (LTV) ceiling for fixed-rate mortgage, property appraisal, minimum credit score & credit check, and eliminated & lowered certain fees for borrowers making it easier to refinance into a lower rate mortgage, effectively reducing the amount of interest paid (and owed) over the life of the loan.More info: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Fannie-Mae-and-Freddie-Mac-Announce-HARP-Changesto-Reach-More-Borrowers.aspx A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. More information can be found at http://harpprogram.org/faq.php The Making Home Affordable Program is set to expire December 31, 2016 and is free http://www.makinghomeaffordable.gov/about-mha/Pages/default.aspx but standard refinance fees will still apply. http://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h On a $200,000 loan, a homeowner in a 30 year fixed at 6.25% would end up paying the bank $443,316. That same homeowner, if they switched to a 15 year fixed at todays rate of 3.58% APR would own their home for only $250,779
Whenever HARP is in any way referenced or referred to:
*In addition to other qualifications, the HARP program requires (1) a good repayment history (i.e. no late payments in the previous six months, and no more than one in the last year), (2) you must have taken out the mortgage loan before June 1, 2009, and (3) your loan must be owned by Fannie Mae or Freddie Mac, the two government-sponsored mortgage finance companies.
Whenever TELS is described as 100% free:
*There is no cost to submit a loan request, get matched with lenders and receive quotes. You may review this information and talk to the lenders at no cost. Of course, the lender you choose may require a fee to process your formal loan application, appraisal, and/or credit report, but until you agree to pay the lender any fee(s), you may shop around with TheEasyLoanSite at no cost. So, since the TheEasyLoanSite does not charge you, the consumer, a fee for its services, who then pays our bills? The lender. Of course, you will be responsible for paying any loan processing, closing costs or other fees to the lender with whom you close.