HARP Loan Program - Learn More About Refinancing With Low To No Equity | Patriot Home Mortgage
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HARP Loan: Refinance

  • blu-star-iconUnlimited Loan to Value & Combined Loan to Value
  • blu-star-iconNo Mortgage Insurance (MI) required for Loan to Value less than 80% if current mortgage doesn’t have MI
  • blu-star-iconPossible Appraisal Waiver
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HARP Loan Program

Do you owe more on your mortgage than your home is worth? Do you have little equity in your home? These situations are, unfortunately, not uncommon for homeowners across the U.S. but it can be difficult to find a lender who will help you refinance your mortgage. The unfortunate part about that is that refinancing can help you lower your interest rate, lower your payments, and otherwise reduce your debt. However, if your mortgage is owned by either Freddie Mac or Fannie Mae, there is a an option out there to help.

The HARP loan program is designed to help those homeowners who have low or no equity in their home or owe more on their mortgage than their home is worth. The HARP loan program is a mortgage refinancing option that can lower your interest rate, which reduces monthly payment costs. It can also take your mortgage from a variable rate to a fixed interest rate, which means your interest rate won’t go up over time and increase your payments. In addition, refinancing with the HARP loan program means you won’t have to add on the expense of mortgage insurance if you don’t have it on your current mortgage — as long as your loan to value is less than 80 percent. Most loans don’t even need to have an appraisal done, so the underwriting process can go fairly quickly.

One major focus of the HARP loan program is to help those who have been harmed by housing bubbles collapsing, but it has helped homeowners in a variety of circumstances refinance their loans. If the housing costs in your area were high when you bought your home and have since dropped, that can make your home appear to be worth less than your mortgage amount. In those instances in particular, it can be hard to refinance your mortgage, but refinancing is the best way to help you get your monthly payments to a manageable level.

If you’re interested in refinancing your mortgage or generally finding ways to lower your monthly mortgage payment, start with the Patriot Home Mortgage team to see if your mortgage is eligible. Our experienced team of mortgage brokers is well-versed in finding personalized solutions that work for your specific situation. Contact our team today to learn more about refinancing your mortgage, the HARP loan program, and whether or not your mortgage is eligible.

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